87-748 �NMITE - C�TV CIERK COUIICII ,Q�
P1�'" - FINANCE GITY OF SAINT PAUL File NO. ��_7�"
CA - DEPAi7TMENT
BIU�- MA�OR
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
RESOLUTION APPROVING UDAG AGENCY
AGREEMENT AND PROJECT DEVELOPMENT
AGREEMENT FOR SPRUCE TREE CENTRE
PROJECT
WHEREAS, there has been presented to and considered at this
meeting an Agency Agreement between the City and the Housing and
Redevelopment Authority (HRA) authorizing HRA to implement the
UDAG Grant received by the City for the Spruce Tree Centre Project
and a Development Agreement between the City, HRA and Har-Mar
Incorporated, the Developer of Spruce Tree Centre Project committing
these parties to undertake and complete Project development
including the obligation of the City to construct a public street
improvement in the estimated amount of $1 , 900,000 ; and
WHEREAS, it is proposed that this street improvement be
financed from the issue of Tax Increment Bonds in the principal
amount of $3 ,875 , 000 issued by and as the sole obligation of the
HRA, and that while the City commitment to construct the street
improvement in the Development Agreement is not contingent upon
the prior issuance of these bonds, it is anticipated that the
bonds will be sold well prior to April l , 1988 street construction
commencement date provided for in the Development Agreement and
the HRA has pledged its full faith and credit to pay for the
street improvement which pledge remains in effect until the bonds
are issued; now, therefore, be it
COUNCILMEN Requested by De rtment of:
Yeas pfeW Nays
Nicosia [n Favor
Rettman
Scheibel
Sonnen __ Ag81I1St BY
Tedesco
Wilson
Adopted by Council: Date Form Approved by City At rn
Certified Passed by Council Secretary BY �
By�
Approved by lNavor: Date _ Approv by Mayor ubmi 'on to Council
.
Bv - - — —
WHITF - CITV CLERK
PINM - FINANCE COUIICII G
8���- M/yYORTMENT GITY OF SAINT PAUL File NO. O 7 ��
�t .
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C uncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
RESOLVED, by the Council of the City of Saint Paul that the
Agency Agreement and Development Agreement considered at this
meeting and with such changes as may be approved by the Office
of the City Attorney are hereby approved, and when so approved
the proper City officers are hereby authorized to execute the
same on behalf of the City of 5aint Paul .
COUNCILMEN Requested by Department of:
Yeas Drew Nays �
N"os'e [n Favor
Rettman
Scheibel �
so��e� _ Against BY
Tedes�o
Wilson
Adopted by Council: Date MAY 2 5 1�7 Form Approved by City Attom
Certified as e unc.il eta BY �
B}�
Ap ro by Mavor: Date — ; MAY 2 8 1�8�' Approve Mayo Submis ' n to Council
.
sy _ —
P(1�iS�i� J�:� � i987