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85-1719 WHITE - CITV CLERK PINK �- FINANCE � GITY OF SAINT PALTL Council CANARV - DEPARTMEN7 �J ��/� BLUE - MAVOR File N 0. % ��ty Attny/JTH Co ncil Resolution Presented B � Y Referred To � Committee: Date Out of Committee By Date GALTIER PLAZA; MEARS PARK EAST, WEST AND CENTRA.L ASSESSMENT AGREEMENTS , UDAG LOAN CERTIFICATES AND MORTGAGE SUBORDINATION AGREEMENTS WHEREAS , Mears Park Development Company (MPDC) is securing a refinancing of the Mears Park East , West and Central Limited Part- nership financing of the parking, retail and office commercial portion of the Galtier Plaza Project with Chemical Bank, a New York banking corporation, and in connection therewith has requested the City of Saint Paul to subordinate its UDAG mortgage to that securing Chemical Bank' s loan and to forbear enforcement of remedies under the UD�1G mortgage in event of default of the Chemical Bank mortgage; an d WHEREAS , MPDC has also requested the City to give its Certi- ficate respecting the truth and accuracy of the UDAG loan and mortgage documents from Mears Park East, West and Central Limited Partnerships , wrich Certificates and attached documents have been reviewed by tlze Office of the City Attorney who advises that said documents are true and exact copies of the original UDAG loan and mortgage documents ; and WHEREAS , the City has requested Mears Park East, West and Central Limited Partnerships to execute Assessment Agreements agreein�; to minimum market valuation of the Mears Park East property in amount of � ����,E7� Mears Park West in amount of $ �������3p and Mears Park Central in amount of $ 3,6��,�37 � � and WHEREAS , th.e Council Finance Committee has considered these requests and recommends approval ; now therefore, be it COUNCILMEN Requested by Departmen of: Yeas p�� Nays ,,� Masanz In FBVOt ^� Nicosia Scheibel sonnen __ Against � B Tedesco W i Ison Adopted by Council: Date Form p oved by City orn Certified Passed by Council Secretary BY � By t#pproved by Mavor: Date Appr by Mayor for u ss n td�Council By WHITE - CITV CLERK � PINK /- FINANCE GITY OF SAINT PAUL Council �, / 7f � � CANqRV - OEPARTMENT - � ` BLU6� - MAVOR File NO. � Council Resolution Presented By Referred To Committee: Date Out of Committee By Date -2- RESOLVED, by the Council of the City of Saint Paul that the Certificates of the City of Saint Paul and the Assessment and Subordination and Forbearance Agreements for Mears Park East Limited Partnership, Mears Park West Limited Partnership and Mears Park Central Limited Partnership considered at this meeting and substantially in the form as are on file in the City Attorney' s Office are hereby approved and the proper City officers are hereby authorized to execute the same on behalf of the City of Saint Paul . ., COUNCILMEN Requested by Department of: Yeas Drew Nays � � nnasanz In Favor Nit�sia Scheibel � Sonnen _ Ag81[lst BY Tedesco Wilson pEC 3 i � Form Approved by City Attor e Adopted by Council: Date Certified Pas e unc'1 S BY � By A►pprov d b ;Navor: Date `,AN 2 — �8 Approv by Mayor for Su iss' n tb Council By B PUBIlSHED J A N 1 1 1986 / \ ,, � • �r,��',�j7� � �;r, '��; CITY OF SAIITT PAUL �� . . " ;ii';;i;`iii OFFZCE OF TAFL CITY COUNCIL C�mmitte� Re art � F F:i�.ancA. Mana�em�nt� � P�rsonnel Cammittee. 5 1 . Approval of minutes from meeting held December 19, 1985. 2. Resolution authorizing the financing and construction of the pubiic parking ramp on Block L in connection with the I�TCA d velopment. �1 �-e.c���' ,-.. ( 1 a i d over f rom 12/19 meet i ng) �r�Lt-�c �'""�: '�,t,c�'��� f 3. Resolution approving amendments to District Heating agreements and // consent i ng to add i t i ona 1 bonds. (1 a i d over from 12/19 meet i ng) G��_(/ /�C'ue-c�L 4. Resolution amending the 1985 budget by adding $49,896 to the Financing Plan and to the Spending Plan for Police Special Projects. - 5. Resolution amending the 1985 budget by adding $656,000 to the Financing� Plan and to the Spending Plan for P. I .R.-Finance Department. q� 6. Resolution amending the 1985 budget by adding $273,622 to the Financing Plan and to the Spending Plan fo General nd-Risk Management General Government Accounts. �.�� 7. Resolution amending the 1985 budget by �ransferring $10,�00 from Con in- /� gent Reserve to Police-Office of the Chief (plumbing repairs) . ��r-e.�`- 8. Resolution ame�ding the 1985 budget by adding $73,520 to the Financing Plan and to the Spending Plan for Job Train9ng; Partnership - 87. Educa- tion Coordination Program. r�,G� 9. Resolution amending the 1984 Capital Improvement Budget by transferring $28,500 from Specified Contingg/�cy-Securing Bids to Arts 8� Sciences Center roof. �.,��-�.o�,�.-� 10. Resolution authorizing issuance of duplicate registered bon to replace M i nnesota Trunk H i ghway Bonds sto l en- c.0-�T"`� "" �'~� G C:TY HALL SEVEN'TH FLOOR SAINT PAUI, MIl�iI�ESOT�55102 �, �.oa * � - ` COMMIT�EE REPORT @,/C (��/7�� FINANCE MANAGEMENT & PERSONNEL COMMITTEE--DeCember 26, 198� NOT ON PREPARED AGENDA: 11. Resolution amending the 1985 budget by adding $14 , �g�. 19 to the financing plan and to the spending plan for City Hall Annex remodeling. (Purchase of st rm windo s and partitions for City Hall Annex) � 12. Resolution approving Galtier Plaza; Mears_ Park East, . West and Central assess�ent agreements , UDAG loan certi� f r � �f `►�R� fi�ates �°d mortgage stabardina�on agreements 'y " �.:����.a..�.�.� •:�v , G'. Page 2