87-262 P N1� - f+qN A C E R K
G I T Y O F s A I N T �A IT L Council �f /�
CANqRY - DE�PARTMENT File NO• v �-'^��
BLUE - MAVOR
City Attny/JTH Council Resolution /
�
SU.;-
Presented By �-- =
Referred o Committee: Date
Out of Committee By Date
WHEREAS , on February 22 , 1977 , by Resolution Council File No .
268597 , the City Council approved a Redevelo�ment Plan for Shepard
Park i�Jest and de ermined necessity to grant a partial tax exemption
to Shevard Park laza under the redevelopment com»any �rovisions of
the Housing and edevelopment Act Minn. Stat . Section 462 . 651
Subd. 1 for a ge iod of twenty-five years to undertake construction
and operation of a 101 unit rental housing nroject as the first
nhase of develon ent in the Shenard Park area (Project) ; and
WHEREAS , on �Tovember l , 1977 , by Resolution Council File No .
270009, the City Council approved and consented to a �tedevelopment
Contract between Shenard Park Plaza as redevelouer and the Housing
and Redevelonmen Authorit;T of the City of Saint Paul Minnesota
(HRA) cover the erms and conditions of the development and o*�er-
ation of the Par Plaza Project during the continuation of the
partial tax exem tion and ratified the ;rant of the partial tax
exemption; and
WHEREAS , th Redeveloner has requested termination of the
nartial tax exem tion and restriction u�on return on equity invesc-
ment to the memb rs of the Shepard Park Plaza nartnership , and it
avnearing that t e P.edeveloper has performed its obligations ���.�.�x
the Redevelonmen Contract, and that there are no funds in tl��
�aartnership afte payment of onerating expenses , authorized returnv
on equity and de t service and�maintenance reserves to remit to the
City under the t rms of the Redevelorament Contract ; and
?�JHEREAS , it further apnears that tne City has accom�lished its
objectives in re eveloving� the Shepard Park T�•7est area and that the
z�artial tax exem. tion is no longer required for the successful
oneration of the Project ; and
COUNCILMEIV Requested by Department of:
Yeas Drew Nays ����\
Nicosia �\ �J-�--�
Rettman Itl FBVOf
Scheibel
Sonnen __ AgBi[iSt BY
Tedesco
Wilson
Form Approv y City Attor e
Adopted by Council: Date �
Certified Yassed by Council Secretary BY
gy.
Approved by Vlavor: Date _ Approved May r Subm ion to Council
�
BY - - —
WMITE - CITV CLERK
P�M1'� - �INANCE G I TY O F SA I NT PA U L Council
CANARV - DEPARTMENT C�� /�
BLUE - MAVOR O (P
File N .
Council Resolution
Presented By
Referred Committee: Date
Out of Committee By Date
-2-
W�iEREAS , th Redeveloper and HRA have presented to this
meeting an Amend tory A�reement amending the Redevelopment
Contract termina ing the partial tax exemption effective for
taxes assessed J nuary 2 , 1987 and payable in 1Q88 (Amendatory
Aoreement) ; now herefore, be it
RESOLVED by the Council of the City of Saint Paul that the
Amendatory Agree ent is hereby approved and the proner City
officers are aut orized to execute a joinder and consent to
said Amendatory greement on behalf of the City.
COUNCILMEN Requested by Department of:
Yeas Drew Nays ��
Nicosia �
Rettman �R F8V0[
Scheibel
Sonnen __ Ageinst BY
Tedesco
Wilson
Adopted by Council: Date MAf� 5 ' �g87 Form Approved by City Attorne
Certified Ya s ounc.il Se r r B ��`�����%'"
by C c eta y Y
By�
A►pprove y ;Navor: Oat � �9a7 Approved b Mayor f Sub is to Council
v � °
sy _ _ _ ,
PUBIIS�iED ,��r=;� 2 i 987
P.�.D. � DEPAR°TMENT �� �� NQ O62Qg
Glor.ia Bostrom CONTACT
3� PHONE
2 26 87 DA�E e�,;r►� ,, �r
,
SI NUhBER FOR ROUTING OR R Cli Al�l Locations fpr Si natu e :
Department Director � Dir�ctor of Martagement/Mayor
Fin�ance and Management Se vices Director � � Cit,� Clerk
:Budget Director � Co�ncilman Orew
�City Attorney F
WHAT WILL BE ACHIEYED BY TAKI G ACTION THE ATTACHED MATERIAL ? (Purpose/
Rationale) :
Council Resolution that wi 1 approve tsrminating the partial tax exemption for the
Shepard Park Plaza apartme ts. The projeet has been paying bnly $43,000 annually in
real estate taxes since 1 8 due to an approved Redevelopmer�t Contract. . The develo.per
has agreed to pay full rea estate taxes beginning in 1988 (�estimated at over $100,000)
provided no back payment i required, The HRA Board previou�sly approved this action.
. , N .
;
OST BENEFIT BUDGETARY AND P RSONNEL I{�ACTS ANTICIPATED: �
.Increase in real estate ta payments of over $60,000 annuall .
RE E1VED .
�
FE8 � 6 +,7;;�
MaroR�s r�F���,� .
FINANCING SOURCE AND BUDGET A IVITY NU ER CHARGED OR CREDITED: (Mayor's signa-
ture not re-
Total Amount of 'Transactio : N/A quired if under
� �10,OOQ)
Funding Source: N/�i'
Activity Number: N/A •
ATTACHMENTS List and Number 1 Attac nts :
,
1 . Council Resolution -
DEPARTMENT REVIEW CITY ATTIORNEY REVIEW
Yes No Council Resoluti n Require�? � Resolution Required? Yes No
Yes No Insurance Requi d? insur�ncie Sufficfent7 Yes No
Yes No Insurance Attach d: �
(SEE • EyERSE SII�E FOR INSTRUCTIONS) . : :
Revised 12/84