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276095 WH17E -��v CLERK . ��/���^ PINK/ - FINANCE G I TY O F SA I NT PA LT L � Council N� V CAN'ARV - D.=PARTMENT � BLU<E - N�[vOR File NO. �c ouncil Resolution Presented By Referred To Committee: Date Out of Committee By Date RESOLUTION AUTHORIZING TRANSFER OF FUNDS IN THE 1980 GENERAL REVENUE FUND BUDGET AND AUTHORIZING A LOAN TO THE HOUSING AND REDEVELOPMENT AUTHORITY OF SAINT PAUL, MINNESOTA WHEREAS, pursuant to a Redevelopment Plan for Central Core Neighborhood Development Program duly adopted upon determination that blighted, deteriorated and deteriorating areas exist which could not be redeveloped without governmental assistance adopted on January 15, 1970, by the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, (HRA), Resolution No. 70-1/15-2, and approved, by the Council of the City of Saint Paul, Resolution No. CF 247103 adopted January 22, 1970, and as the same has been thereafter amended, HRA undertook redevelopment project activities in Block 40; and WHEREAS, these project activities included HRA acquisition of two parcels in Block 40 and the conclusion of a Land Sale and Redevelopment Contract with Somerset Urban Redevelopment Company and Norman B. Mears its general partner for the two HRA parcels and five other Block 40 parcels under the control of Norman B. Mears; and WHEREAS, following the death of Norman B. Mears and the 1977 assignment of Somerset's Contract to Lowertown Saint Paul Company and Carley Capital Group and James E. Carley its general partners, and the successful development of Block 36 by Lowertown Saint Paul Company, the City of Saint Paul applied for and received a 4.8 million Urban Development Action Grant (UDAG) to assist HRA, the City and Carley Capital Group in accomplishing a $30,000,000 mixed use redevelopment in Block 40; and WHEREAS, a condition of the Contract and UDAG Funding Agreement was that Lowertown or Carley obtain control of three parcels in Block 40 held by the Trust created under the will of Norman B. Mears, and on July l, 1980, James E. Carley entered into an Option Agreement with said Trust for such purchase in amount of $695,000 which Option by its terms was to be exercised prior to December 1, 1980, with closing within thirty (30) days thereafter; and COUIVCILMEIV Requested by Department of: Yeas Nays Butler In Favor Hozza Hunt Levine _ __ Against BY -- Maddox Showalter Tedesco Form Approved by City Attorney Adopted by Council: Date Certified Passed by Council Secretary BY g�. t\pproved by iVlavor. Date _ Approved by Mayor for Submission to Council By _ BY � � �rf �V�� J l WHEREAS, on November 26, 1980, Carley advised the City of Saint Paul (City) administration that he did not intend to exercise said Option on his own behalf, but agreed to exercise the same and did give notice to the Trust to that effect on November 28, 1980, for the benefit of the City or its assign pursuant to an Assignment, Assumption and Indemnity Agreement dated November 26, 1980; and WHEREAS, the City has determined that the HRA is best suited to exercise the said Option; and WHEREAS, it is necessary in order to accomplish the purposes of the Redevelopment Plan and to comply with the conditions and development timetable of the UDAG Agreement, that HRA, pursuant to provisions of Minn. Stat. Section 462.445 Subd. 1(4) and (6) purchase the Trust parcels in Block 40, and otherwise assume the development role in obtaining design and construction drawings for the development and undertaking and other necessary development activities until such time as a private redeveloper can be selected to purchase HRA's interest and complete the redevelopment undertaking; and WHEREAS, in order to finance this acquisition and interim development role, it appears that a short term loan to the HRA from the City is advantageous; and WHEREAS, the City's General Revenue Fund will be reimbursed in full upon the sale of said property; and WHEREAS, the Mayor, pursuant to Section 10.07.1 of the charter of the City of Saint Paul, does certify there is available for appropriation revenues in excess of those estimated in the 1980 General Revenue Fund budget. NOW THEREFORE, BE IT RESOLVED by the Council of the City of Saint Paul, Minnesota, as follows: l. It is found, determined and declared that: (a) The land described in Exhibit A is located in Block 40 of the Central Core Neighborhood Development Project, Minn. A-1-5, and its redevelopment according to the terms of the UDAG Agreement is in conformity with the approved Redevelopment Plan for said Project; and (b) 'The acquisition of the land described in Exhibit A is essential to the completion of the Block 40 development portion of the Redevelopment Project heretofore undertaken by the HRA with federal and local financial assistance for the redevelopment of blighted, deteriorated and deteriorating areas within said Project. WH17E - Ct7V CLERK PINK - FINANCE GITY OF SAINT 1 AUL � COURCIl �� �(}��.� CAN�RV - DFPARTMENT File �NO�. �����/� � BLUE -.M.�'OR � Council Resolution Presented By Referred To Committee: Date Out of Committee By Date (c) The purpose of the Project is and its effect will be to remove conditions of blight, to promote the public welfare and preserve the quality of life in the City by promoting, attracting, encouraging and developing economically sound housing, commerce, and quasi public facilities, providing employment opportunities for residents of the City, preventing the emergence of conditions of blight, chronic unemployment and economic deterioration within the redevelopment area, intensifying the development and use of land therein to provide an adequate tax base to meet the needs of the central City area and to counteract the movement of population and business outside the City. (d) The loan of $695,000 from the City to the HRA to be repaid with 12% per annum accrued interest when the land described in Exhibit A is sold to a developer for redevelopment pursuant to the terms of the Redevelopment Plan and the UDAG Agreement is in the best interests of the City. 2. That upon recommendation of the Mayor, the following additions be made to the 1980 General Revenue Fund Budget: Financing Summary Operation and Maintenance Fund Balances General Fund Balance, Unreserved, Undesignated, Not Dedicated $500,000.00 Miscellaneous Revenue Interest Earned 195,000.00 $695,000.00 Appropriation Summary Planning and Economic Development Recoverable Advance to Special Fund (06000-535-000) $695,000.00 roved, nding: App ove D .>�I ' rector of inance Brad et Director LLrr� � L" COUNC[LMEN Requested by Departnient of: Yeas Nays Hurr� B tle� � [n Favor Planninq and Economic Development za t Maddox � M�M�n�n __ Against BY dox Snowai±er ho alter Tedesr.o Te Wi;son DEC 2 3 1980 Form Approve by City A Adopte y Coun l: Date � C ified P- • ed b Counci�,Secresary BY A d by Mavor: DC� � 9 �98� Approved b ayor for Su ' n to ouncil /I��J��/'v' BY — BY rie' . . .... . ;��, �;� � 1:��`� ,;�: _�i . 6t��5 � . . � 7;;�I!T;` � ,,, ;� Parcel 1, (71s1e,n�� Euildij��,�) • (Hf'.A Parcel �to. 4Q-il) The Southeasterl.y 1/?, of LoL- 3 and l-he �yortl�tans�:er.ly 1/2 oF Lot �! , Block 9 , ,•Ihitn��y and �mith' s Additian t•o 5t. Paul, according to the plat �l�ereof L-ilec3 of record in ttie otf-icc of the County Recorder �•�ithin a.t�d L-or Ram:ey Caur.t1, i•Iinnc�,oi�a. ' Subject to monl-h�to-rlon"�:h ]_ea,e of ��i^ L- i.r�t tloor o� the ` � bui.ldi.ng local-ed on t:he ahove groperL_y �.n favor o� Lutcainick �' Enterpri.ses a� �enant. � The above property i� also ]cno�•,�� t�y ti�^ 1'o1.lc��,in�3 adc�ress; 379 � Sibley Stree�, Saint PauJ_, i�iinr�e::ota. Parcel 2 (Sibley IIuilding) : (HRA Farcel No. 40-3) : Tao� 11 exeept the ��Jest 2 fect ther�o.E, ��iid all ot Lot I?.r F31ock � , 9 , V7hitney and Smith' s X1c�di.tion to St. P��ul, subjcct to an appur- � tenan� Alley Agreement in Bock G9 r•�i�c�l.l�.sn�ous 4a5 and Alley t•�ay �asemen� i.n Boo!c 1172 Deecls 422o I°t ha.� b^e�� orc�ered, ac7juciged and decrer�d i:hat the boundary lines o£ tf�;� '�r.aj»rty are �i.;;ed and � establishec3 as aet �orth i.�� plat o� sui:4-��y oi_ I'.J . 11�:;lisHror��g� dated February 21, 1955, on L-il� in ti�e otCice o� tLe 1.egis�rar � of Titles in and for R�msey CountyT F�znn�-�.:�ota. Subject �o a written leasc dated T�iay 1, �]_976 , aL- th� Czrst, � second, third, and Lour. tl�� fl.00rs of th�� bui.ldir�g l.oc.at��cx on I.he ' . abo�e property �.n favor oF The Sibley CofnPany, �� tiinnc�;ota car- poration, as tenant th�z�uncler_ , saicl 1����ae �� �:��ire npri�. 30 , ' 19a1, and suUject to l.ease of the £ifth, ,ixt:h, anc7 s�venth � £loors of said builc7i.nc� , zn favor of: ��iC Carpar�-�L-zc�n� a kiinnesot�� = corporation, as tenai�� ti��reuncl�r � saici 1_e.,se �.o e::pire .7uly 30 , 1982. 5ub j ec t to and benef i ted by an EnSEb1�;NT AGItLL•'t�ir r�T da ted rebr u��rX � 16 , 1979 , en�ered int� by and between First Tru�t Company ot- Sai.nt Paul, as executor of t:he Estate oE Norman T3. Aie�zrs f deceased, and T�,PS Invest�neri�s, a P�ii.nne�ota partncrship. The above pro;�er_ t� is �z�so F:nos�T� b,r L-h� f:ol]_o�,�in� �-�drare:�s: : 174�184 Last 6�h at.rect, Sa�nt Paul, tiir�iie aot-a. ParceZ 3 (Parl:i.c;g Lo�) s (H��tA Parcel No. 40-2) � a. That part oL LoEt� G ��nd 7, Bloc;c 1:3 , "St. Pau1. Pr�ouer" , and : Lot 10, Block 9 0£ Whitney and Smith' s 1ldditio� to St. Paul described as �o�.lows, to riit: Com�menci.ng nn a point on the eas�erly line of: Jack�on Stree� at its interscction with �he r . _ .� , - = F" ' • ����� � J. + * :i O 1]t:�1 f?T��. ' �..L i 1� C)r �i 1::t f 1 i�-��. ., . ;-1 n i n , r �-' .� � �.. .:, _ i,�tt_: - c,iz�.nCt'�-Y •";�-Ut�q tlt� . ca��.er1y J_ ii�� c�f ,7�zc?::.on �; '�.".1"CCt: ,'? (�].:;Li:I'���r' oL ���f.ty f�ct, t{►c�nce Cc�l:'�:r_'L"ly T�c1'1��_^1 �7Zi:}1 i_tl(:• �GLlt:tl^X].'f �.11lt� t�{: :i1:Cill �itreet, c'� di stance oL- ]_IO i:�c� n�r� or less L-o ti��c� ���t:��rlar �,ittc� aE :�aid � Lot 10 , �31oc)c 9 , :•Thii:ney �'�ric3 ,mi �t� ' � A�icii t�ian to "t. P��.�:1; thencc northerly along ;,�ith c;as�erly li.ne ot said Lot 10 to the _ southcrly line oL- Si.ct1� StrceL•; t'ne�.ce ;•lCa���r1y along the southerly line �E Sixth Str�et �o tt�� point at begiiinircg, subject to �he riyhts of �he City oL- St, raul in i:hose pz.rL-s o� said Lo�s - taken �or allej an� for t�;i.dening of ,7aci:son SL-reet and Si:cth Street; and : b. Part oi LoLs G und 7 � T3J_oc}; 13r Cit� ot St�. Paul, and Lat 10, ' nlock 9 , P�httney and Srai.;h' s 1ldclition to 5t, Paul, described as fo�lows: Commencinc� �zt a point on the c�asterty �inc o; ;Iackson Street 50 Eeet southea�terly from tlz�; southeaut corner oC the ` inter. section o.t Jacl;son S�ret�t ancl Si�:th Stree�s; thence . southeasterly alo�zc� �aid ca�terl.y lin� oi JacF;san Stree� 51 1/2 �� feet; thence no�theasterly anc3 par�llcl to tl�e southerly lzne of � 5ixth 5treet acros� Lots 7 and b , B1oc�: 13, Cii�y of St. PauZ, and Lot 10 , Block 9 , t,,hitney and Smit�h' s 1ldditian to St. Pau7., to the northeasterly line oL- said Lot 10 , BlocF: 9; th�nce northwesterly � along the no�i:heasterly lirie of ,aid Lo�: 10 , 51 1/2 feet; thencA southwesterly to poi.nt oF beginning, e:�cept the Lallo�;ing: �.hat part of Lo� 7 , n�.ocic ].3, City oC St. Pa�il, us�d by the City Cor � Jac};son StreeL-t and that- par� of Lot 1_:) , I3locle � , t�;hztney and � Smith s �.ddi�ion, used f.or an alley; s�icZ ;-;_�i,��,�e� ;,ls� bcing � describec� ac fo11o�-�s: - The 51 1/2 L�et southeas'terly oC L3��� nor tt-it�,rYs terly 5c) �ec:: of Lots 6 anc� 7 , nZock 13, Ci'cy o� Sto Paul, and i.he 51 1/2 £ee� southea�terly o� the nor�htaesL-�r.1y ;0 Eeei� c�£- Lot 10, IIlock 9� Tr7hitney and Smith' s Iidc�ition t�o S�. P1u1 , E:XCept the tol].o�r�ng: Th�zt par_ t of Lo� '7 , �31ocl; 13 , Cit}� o� St. � , Pau7., usea by the CiL-y for J^r�;sc�-� ;treet; anc3 �t�ut par;� o� Lot 10, Dlock 9, �•Thi tney �:tzd 5ma.::li' :; 1',d<:ii li.r�t� ua�d f_or an alley, accorcla.ng to the plat �hercot� o�z fi_l� and oL i-ecorc� in the o£txce oL- the register �� Deeds ii� an�l Lor sai.d Rae�sey County, rqinnesota; excnpt;ing hoF�ev�r, t(�ai: part oL tt�e ahv<<e- descriUed premise. de�cribcd 1s follor�s: C�mmencin� at tl�� southerly corner oE said }�x 'E.'Rl1SC'Sr thence northeasterly along �� the southeasterly line i:hereo� 58 .�0 L-eet to �he point of : � beginning o� the are�.� to be e::cep��d here�rorn� thence con- � tinuing nor�heasterly along �he said �outhe�sterly line 1 c3istanc� of 21.9 Lcet, thence northc�esterZy �,t a right a��gle to ttie sa�u �outheas�erly .lii�e a dist«nc� �f: .C►3 feet, tl�zence ` back to tt�e j�011ll: o� begin�inn , above cle�cr; ibed, a disi:ance of appro�ci��t�L-ely ?.7.. 92 feet, �,n:7 . 2 ;. , . _. �....�__ _ . j '. • � . � ��vV� ♦+ ' • F� ��^ ~ C. That� j�1Z�: Of. T,Cii:.c; i 1rl�l �I � '>].00r' I..3r �i�:. T>.�;ll. �'I:[��')CL' � •_lt1C� ' L-t�at par l ot Lo�: 7�0 , �1.oc'�: 9 r iili �. �_�l��ti' i Il(� ;;::�i t't►' :. T��cic]i F.i.oi1 ta St. Paul. , descrxt�tic� r��. �oJ_lc�;•��: Ite,�inning ��i: � r>o�.rit- c�n �he ea_;tt�rly line of �7��ckson ;tre�t ]_OX. S fceL- s�u�:her].y Lxom the OZ1C�lI1�� southerly line o� Si.xi�h ,{:re<�L ar�c1 runni.ng ti��r�,r_r� southerly �71ong saic� easter_ly Ziz.^ o; �caid Jac!cson S�r�et �;. 2375 �eet; thence easterly par.al].eI ;vith sai.c7 sou�t��r]_.� line of Sir.th al:XCEt extended, 110 feei., more 4i IP_SS to the cas��rly Iine o� said T�ot 10; thence northerly along said easterly li.ne of saic3 Lot 10 to a poinL- fron which a line drawn paral.lel �aith L-he souti�erly linr o£ ; Sixth Street ��,ril.]. inters���r_t ;aid ea�terly line of. �7actc.�an Strcet ' at said po�nt of k�^gznni.nc� ; thcnce ;'ro:n s�,�ic7 poin� on said eas�erly line o� saicl I,ot lU ��rester.ly anci p�rallel. saith s��zd � southerly line of: Six�h "i�reet J_10 L-e��, mc�re or less, to the point of- beginn:tng (excePt �hai: Part of raid I�oi: 7 u�ed by �he City of St. PauJ. L-or Jac.c�on Str�,et) . � The en�ire portioii of P<:�rc�.l 3 is :�ubjc�,t, to a mo;�tt�-to-moczth � lease in favor o� I'ranic ��Iarphy a� tenan�:e , The northwesi:erl�� tF•�enty-fivP (25) fee� oL P�ir�e1 3 {b) is subjec� to reservation of mineza7,s and mi�ner.��zl_ rigt�t:� in Lavor of t:he State of idinneaot�a in trust for thL ta:�i.ng c]i.��ricts cazlcezned; Parcel 3 (b) is subject 'to record�d party�-:��al.l agreemenL-;, Parcel 3 is alro kno,�n b;� the Lo1:�o;^,�t1Ct ,��1dre��: ]_6�-)_70 T;ast 6th Street and 3IIU-3�� Jac}:son S�r.eet, S��ini� P�ul j PIlI]11t�:iC�ta. Parcels 1, 2, anu 3 are Lur�her stzbjec� �o a �la;� co;� rc:c��.op,ent o� the Housing and Itedc:vetopmenL- 11u�hority of ��he Ci. ky ot Sain� � Paul, Minnesota. . , � 3 : ; .. _ � _ . _ . _ _ _�- �.