88-2050 WHITE - CITV CLERK
PINK - FINANGE G I TY OF SA I NT PA U L Council (//�/µ� C
CANARY - DEPARTMENT File NO. „v ��v �
BLUE - MAVOR
Council Resolution
Presented By ��`��
Referred To Committee: Date
Out of Committee By Date
RESOLVED that in consideration of payment of the sum of $686,000, the City of
Saint Paul does hereby release and discharge of Chemical Bank and Mears Park Holding
Corp. , from liability under that certain Release and Participation Agreement dated
March 31, 1987 by and among the City, Lowertown Redevelopment Corporation, Chemical
Bank, Mears Park Central Limited Partnership �entral�j , Mears Park East Limited
Partnership ("East") , and Mears Park West Limited Partnership ("West") , and the UDAG
Loan Agreements dated February 26, 1982 between the City and Central, East and West
partnerships, and the proper c�ty officers are hereby authorized to execute instruments
of release, mortgage satisfactions and other instruments related to the release
transaction and satisfaction of mortgage liens upon the Galtier Plaza real property.
COUNCIL MEMBERS Requested by Department of:
Yeas Nays �
Dimond Plannin and onomi e men
�� In Favor
coswitz � .
Rettman
s�ne;n�� _ Against BY
Sonnea��
���o �� 2 2 .�
Form Approved by Ci ney J
Adopted by Council: Date �/
James Hart
Certified Pa.s y ouncil Sec y BY
By
A►pproved 'Navo . D _ DLy � � �� A by Mayor for Submiss"on to Council
By � BY
�.�ss� ��c � � �s$a