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276098 WHITE CITY CLERK � PINK FINANCE -� ''�'`�� CANAR�• DEPARTMENT G I TY O F SA I NT PA LT L� Council B4,UE - MAYOR File N O. ������ ��ty Attny/SDM ncil Resolution Presented By Referred To Committee: Date Out of Committee By Date RESOLUTION AUTHORIZING THE EXECUTION OF CONT�ZACTS FOR SALE OF LAND, APPROVING ISSUANCE OF PORT AUTHORITY OF THE CITY OF SAINT PAUL TAX EXEMPT REVENUE BONDS FOR THE FINANCING OF A PUBLIC PARKING RAMP, AND AUTHORIZING EXECUTION OF FINANCING DOCUMENTS RELATING TO SAID BOND ISSUE WH�REAS, the City of Saint Paul, Minnesota (City) has duly adopted and there is now lawfully in effect in the City a City Wide Redevelopment Plan providing for the acquisition, clearance, and resale for redevelopment of which Seventh Place Redevelopment Project is a part; and WHEREAS, by Resolution No. 80-9/24-9 the HRA designated the Port Authority of the City of Saint Paul (Port Authority) to be the tentative developer of the public parking ramp to be construc- ted upon Disposition Parcel Number 21-A to be financed by the Port Authority and Ted Glasrud and Associates to be the tentative developer of approximately 200 units of condominium units to be located above the public parking ramp; and WHEREAS, the HRA and City staff and TGA, Inc. , a Minnesota corporation (TGA) have negotiated an agreement whereby TGA will purchase part of HRA Disposition Parcel Number 21-A in the Seventh Place Redevelopment Project (Public Ramp Property) as described in Exhibit A attached hereto, sell the same to the Port Authority and take back a financing lease (Lease) simultaneously with the issuance of approximately $ ,��,S��;0000f Tax Exempt Revenue �onds of the Port Authority for the ii�zancing, both interim and perman- ent, of the construction of a public parking ramp on the ?'u��ic Ramp Property (Ramp Bonds) on or before April l, 1981, and redevelop the Public Ramp Property by constructing thereon a 500 stall public parking ramp, which will be subleased to the City pursuant to a sublease (Sublease) ; and COUIVCILMEN Requestgd by Department of: Yeas Nays Hunt Levine In Favor Maddox McMahon snowaite� __ A gai n s t BY — Tedesco Wilson Form Approved by City Attorney Adopted by Council: Date Certified Yassed by Council Secretary BY By Approved by :Vlayor: Date _ Approved by Mayor for Submission to Council By BY �.:��.�� . • N����� . , � -2- WHEREAS, the HRA and City staff and Ted Glasrud Assoc. ,Inc. , a Minnesota corporation (Redeveloper) have negotiated an agreement whereby Redeveloper will purchase part of HRA Disposition Parcel Number 21-A in Seventh Place Redevelopment Project consisting of part of the air rights over the Public Ramp Property (Property) as described in Exhibit B attached hereto, and redevelop the Property by constructing thereon approximately two floors of private parking and 221 condominium units; and WHEREAS, pursuant to due notice of both sales published in the St. Paul Pioneer Press and Dispatch on December 6 , 1980, and revised notice of the sale to '�GA published on December 12, 1980, a public hearing on the said proposal and proposed sale and provisions thereof was held on December 17 , 1980, at 10:00 a.m. , Central Daylight Time, in the Council Chambers, Third Floor at 15 West Kellogg Boulevard, in the City of Saint Paul, County of Ramsey, and State of Minnesota; and WHEREAS, the HRA and the City propose to enter into Contracts for Sale of Land for Private Redevelopment with TGA and with Redeveloper substantially in the form of HUD-6209A & 6209B, which contemplate pursuant to the provisions of Minnesota Statutes, Section 462 .541, disposal at a price that will not be less than the fair market value for the land for uses in accordance with and subject to the restrictions of the Seventh Place Redevelop- ment Plan and into a supplemental agreement relating to said contracts between the City, Port Authority, HRA, TGA and Redeveloper (Supplemental Agreement) ; and �ntIiEREAS, the proposals to purchase and redevelop said land conform with the general objectives and specific requirements of the said Seventh Place Redevelopment Plan; and WHEREAS, on December 16 , 1980, the Port Authority adopted Resolution No. 17�/ giving preliminary approval to the issuance of approximately $�,SQ��,���' in tax exempt bonds (Ramp Bonds) to finance the construction of a 500 stall public parking ramp by TGA and authorized execution of an agreement (Preliminary Agree- ment) providing for issuance of the Ramp Bonds; and WHEREAS, Laws of Minnesota 1976 , Chap-ter 234 , provides tha� any issue of revenue bonds authorized by the Port Authority shall be issued only with the consent of the City Council of the City of Saint Paul, by resolution adopted in accordance with law; and WHEREAS, Port Authority has requested that the City Council give its requisite consent pursuant to said law to facilitate the issuance of said Ramp Bonds by the Port Authority subject to final approval of the details of said issue by the Port Authority. � ,�.�. --. �, . � �r �:�� . , -3- NOW THEREFORE, BE IT RESOLVED by the Council of the City of Saint Paul, Minnesota, as follows: 1) That the proposals to purchase and redevelop said Public Ramp Property and Property conform to the objectives and specific requirements of the Seventh Place Redevelopment Plan. 2) That the method of disposition of said Disposition Parcel Number 21-A is in accordance with the Seventh Place Redevelopment Plan and is the appropriate method of making said parcel available for redevelopment. 3) That the established fair market value for uses in accordance with and subject to the restrictions of the City Wide Redevelopment Plan for the entire Disposition Parcel (Public Ramp Property and Property) is $400,000. This has been allocated entirely to the Property. The consideration for the Public Ramp Property consists of TGA's obligation to the public parking ramp, the required resale to the Port Authority and the required sublease of the public parking ramp to the City. 4) That TGA and Redeveloper have the apparent qualifications and financial resources to acquire and redevelop said parcel in accordance with the Redevelopment Plan. 5) That the proposed Contracts for Sale of Land for Private Redevelopment describing the proposed disposal transaction by and between the HRA, City and TGA and the HRA, City and Redeveloper are satisfactory in form and comply with the requirements of State and local laws. 6) That said proposals are satisfactory and the same are hereby accepted, and the execution and delivery of said Contracts for Sale of Land for Private Redevelopment to TGA and Redeveloper are hereby authorized by the City Council to be executed by on its behalf by the Mayor and Director, Department of Planning and Economic Development of the City and to be countersigned by the Director, Department of Finance and Management 5ervices. 7) That in accordance with Laws of Minnesota 1976 , Chapter 234 , the City Council hereby consents to the issuance of the aforesaid Ramp Bonds ior the purposes deseribed in the afore- said Port Authority Resolution No. /7 6/ the exact details of which, including, but not limited to, provisions relating to maturities, interest rates, discount, redemption, and for the issuance of additional bonds to be determined by the Port Authority, p�zrsuant to resolution adopted by the Port Authority, and the City Council hereby authorizes the issuance of any additional bonds (including refunding bonds) by the Port Authority, found by the Port Authority to be necessary for carrying out the purposes for which the aforesaid bonds are issued. .� y �� �� r^ ra+,�J -V+' �' �r.i,�,; a �. i a�• ! -- '� �. ,.. �: :HJ.5�'X f� � �c�1� ��'�„u '{'r q� '�` �-E_�i��}C�� � 3 � 4 ,� � „1[��,� -, r i .. � ��' � .� . .� � .�r r{ �� k c .?�"w if77 Y°�`Nn��s '��'q ,�'+�'.��l,��' ' � � � + t s � k.. �� ..ry-. ���y { . �?� .. / �ai .�. 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WNITE - CITY CLERK �y a��k:, PINK `• - FINANCE R CANARY�- DEPARTMENT COUQCII � � `BLUE - MAYOR GITY OF SAINT PAUL File NO. � � � Council Resolution Presented By Referred To Committee: Date Out of Committee By Date —4— 8) That forms of the various financing documents for the Ramp Bonds which require execution by the City, including the Sublease, Preliminary Agreement and Supplemental Agreement are on file in the office of the City Clerk and are hereby approved in substance, subject to modifications approved by the Assistant City Attorney, and the proper officers of the City are hereby authorized to execute said documents upon approval as to form by the Assistant City Attorney. COUNCILMEN Requestgd by Department of: Yeas Nays Hunt Levine [n Favor Maddox Q McMahon s�,owaite� - __ Against BY �.�.r Wilson Adopted b ounc : Date DEC 2 3 1980 Form Approve y C� y ne � Certif d Pas_ by ncil Secretary B �' / ; c Appr by :Vlayor: Dat �Z7 19�U Approved by Mayor for Submission to Council sy _ BY l n ;\�iC�- n . pL��:,;i.��, �r:�� � g�31 C� �.: SCHEDULE �} IG���*�� PROPERTY DESCRIPTION PARCEL 21-A SUBSURFACE f',NU SURFACE RIGHTS Parcel 1 . All that part of the followinq described property: All of Lot 1 excepting the Easterly 51 feet thereof; that part of Lot 2 lyinq Easterly of the Westerly line of Lot 6 prolonged to the Northerly line of said Lot 2; all of Lots 6 and 7 except the Southerly 26 feet thereof; all in Block 13, Roberts and Randall� Addition to St. Paul . Lot 8, except the Southerly 26 feet thereof, Block 13, Robert$ and Randalls Addition to St. Paul . The Easterly 51 feet of Lot 1 , Block 13, Roberts and Randall's Addition to St. Paul , which lies below the elevation 127.83 feet (City of St,. Paul Datum) . Parcel 7. All that part of the followino described property: The North 58.67 feet of the South 129.84 feet of Lot 6, Block 13, Roberts and Randall's Addition to St. Paul , which lies above the elevation of 127.83 feet (City of St. Paul Datum) and below a line sloping uniformly upwards from elevation 127.83 feet at the South line of the above described parcel to elevation 136. 17 feet at tne �lorth line of the above described parcel . Parcel 9. All that part of the follo�,�ing described property: That part of Lot 8, Block 13, Roberts and Randall's Addition to St. Paul lying North of the South 71 . 17 feet of said lot and lying Southeasterly of a line 47. 17 feet Southeasterly of and parallel to the Northwesterly line of said Block 13, which lies above the elevation nf 127.83 feet (City of St. Paul Datum) and below a line slopinq uniformly up�,�ards from elevatT.on 127.83 feet at the North line of above described parcel to elevation 136.77 feet at the South line of above described parcel . Parcel 10. All that part of the followin� described property in Block 13, Roberts and Randall's Addition to St. Paul : The North 17.83 feet of the South 43.83 feet of Lot 6; That part of Lot 6 lying North of the Sou�h 129.84 feet thereof; That part of Lot 2 lying Easterly of the tJesterly line of Lot 6 prolonged to the Northerly line of said Lot 2; That part of Lot 7 lyina Southeasterly of a line 47.17 feet Southeasterly of and parallel with the Northwesterly line of said Block 13, except the Southerly 26 feet thereof; That part of Lot 7 lying North�vesterly of a line 47.17 feet Southeasterly of and parallel to the Northwesterly line of said Block 13 (said line hereinafter designated as Line A) and lying 6Jesterly of a line commencing at the northeast corner of said Block 13, thence southwesterly 74.17 feet alonq the northwesterly line of said Block 13 to the point of beginning of line to be described, thence Schedule 'A+� Page 2 Southeasterly perpendicular to said Northwesterly line, a distance of 47. 17 feet to a point in the aforesaid Line A and there terminating; Lot 1 lying l�Jesterly of a line commencing at the !dortheast corner of said Block 13, thence southwesterly 74. 17 feet along the northwesterly line of said Block 13 to the point of beginning of line to be described, thence Southeasterly perpendicular to said P�orthwesterly line, to a point in the Southerly line of said Lot 1 and there terminatina; which lies betureen the elevations of 127.83 feet and 136.17 feet (City of St. Paul Datum). Parcel 11 . All that part of the followinq described property: The North 45. 17 feet of the South 71 .17 feet of Lot 8, Block 13, Roberts and Randall� Addition to St. Paul , which lies bet�,�reen the elevations of 127.83 feet and 536. 17 feet (City of St. Paul Datum). ��'�V�� SCHEDULE B PROPERTY DESCRIPTION PARCEL 21-A AIR RIGHTS Parcel 2. All that part of the following described property: All of Lot 1 excepting the Easterly 51 feet thereof, that part of Lot 2 lyina Easterly of the Westerly line of Lot 6 prolonged to the Northerly line of said lot 2; all of Lots 6 and 7 except the Southerly 26 feet thereof; all in B1ock 13, Roberts and Randalls Addition to St. Paul , Lot 8, except the Southerly 26 feet thereof, Block 13, Roberts and Randall's Addition to St. Paul . The Easterly 51 feet of Lot 1 , , Block 13, Roberts and Randalls A.ddition to St. Paul , which lies above the elevation 136. 17 feet (City of St. Paul Datum). Parcel 3. All that part of the followina described property: The North 27. 34 feet of the South 71 . 17 feet of Lot 6, Block 13, Roberts and Randall's Addition to St. Paul , ;•lhich lies bet�,�een the elevations of 127.83 feet and 136. 17 feet (City of St. Paul Datum). Parcel 4. All that part of the followina described property: Lot 8 and the EasterTy 51 feet of Lot 1 , 81ock 13, Roberts and Randalls Addition to St. Paul lying �Jortha�esterly of a line 47. 17 feet Southeasterly of and parallel to the Northu�esterly line of said Block 13, which lies between the elevations of 127.33 feet and 136.17 feet (City of St. Paul Datum) . Parcel 5. All that part of the followin� described property: Lot 1 except the Easterly 51 feet thereof and Lot 7,�;Block 13 Roberts and RandalTs Addition to St. Paul lyinq Northwesterly of a line 47.17 feet Southeasterly of and parallel to the Northtivesterly line of said Block 13 (said line hereinafter desiqnated as Line A) and lyinq Easterly of a line commencino at the northeast corner of said Block 13, thence southwesterly 74.17 feet along the northwesterly line of said Block 13 to the point of beginning of line to be described; thence southeasterly perpendicular to said northwesterly line, a distance of 47. 17 feet to a point in the aforesaid Line A and there terminating, which lies between the elevations of 127.83 feet and 136.17 feet (City of St. Paul Datum). Parcel 6. All that part of the following described property: The North 58.67 feet of the South 129.84 feet of Lot 6, Block 13, Roberts and Randall's Addition to St. Paui , which lies below the elevation of 136. 17 feet (City of St. Paul Datum) and above a line slopin� uniformly upwards from elevation 127.83 feet at the South line of the above described parcel to elevation 13E.17 feet at the North line of the above described parcel . � ��6��� Schedul e ,� Page 2 Parcel 8. All that part of the followinq described property: That part of Lot 8, Block 13, Roberts and Randall's Addition to St. Paul lying North of the South 71 . 17 feet of said lot and lying Southeasterly of a line 47. 17 feet Southeasterly of and parallel to the Northwesterly line of said Block 13, which lies below the elevation of 136. 17 feet (City of St. Pau1 Datum) above a line sloping uniformly upwards from elevation 127.83 feet at the North line of above described parcel to elevation 136.17 feet at the South line of above described parcel .