275858 WNITE - CITY CLERK
PINK - FINANCE � j''�"/°'� rr
CANARY - DEPARTMBNT G I TY OF SA I NT PAU L COU[ICII J� /���R �
BLUE - MAYOR �� � C.�V
File N 0.
Council Resolution
Presented By
Ref rred To Committee: Date
Out of Committee By Date
�, as part of the reclevelo�arent and revitaliza.tion of the dc�mtcx�m oore
area of the City of Saint Paul, the City of Saint Paul (City) and the Housing and Re-
develo�ient Authority of t1�e City of Sa.int Pau1 (HRA) have been oonsicl�ering plans for
the oonstructicn of in�rovements on the old Harkins Baaling Alley site; and
Wf�REAS, the City and HRA have c�ternnined that the best int�erest of the dawntr�wn
area of Sa.int Paul �ould be served by a red�evelop�nt plan which included tr�e oon-
structio� of a public parking facility and a condamznitan housing project; and
Wf�EAS, tY� City and HRA have reached a prelimina,v understanding with Ted Glasn�d
& Associates (Developer) for the red+evelo�erent of the site, which �derstanding naw
requires HRA to convey Lmder a Contract for Sale of Land for Redevelo�nt, to the
Port Authority of the City of Sai.nt Paul the surfac�e rights tA the site for. the con-
struction of a public parking facility of appraximat�ely 400 vehicles in addition t�o
conveying 'rA the Developer tmder a similar contract the air rights above the public
parking facility, for the c�onstruction of two floors of privat�e parking and a con-
dceninitun housing project of approxirnately 200 Lmits; and
�, the parties to this preliminary understanding wish to set forth in a
doc�urent entitled. "Lett�er of Understanding" the general obligations of the parties,
which obligations shall be superseded by the final c�ontracts between the parties.
NOW Tf�REE'ORE BE IT RESOLVID by the City Co�cil of the City of Saint Paul. that
the Letter of Understanding is hereby approv�d substantially in the form submitted
and. that the proper City officials are hereby authorized. and direct�ed t,o execute on
�' of the City said Lett,er of Understanding as provided above.
��
COUIVCILMEN Requestgd by Department of:
Yeas Nays
Hunt
Levine [n Favor
Maddox
McMahon
�,���� _ Against BY
Tedesco
wison
Adopt y Coun 1: Date �CT 2 3 1984 Form Approved by City Attorney
rtified Y• - d by Council Sesretar � � /Qr°20��
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,
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Approved . vor. Date App v by Mayor for S ncil
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�reus�E� N ov � ���a
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E• _� _` DEPARTMENT OF PLANNING AND ECONONtIC DEVELOPN`�t�T
,o
;� ;nii`s_��'ii, _::
� ' � °" GARY E. STOUT, DiRE� :"uR
,.,m ^:
�xe•
� 25 West Fourth Street,Saint Paul, �'vlinnesota `�5"102
, 612-=='� `.7�5
GEORGE LATIMER
MAYOR
LETTER OF UNDERST'ANDING
HARKINS SITE
PARCEL 21-1
October 9, 1980
'fed Glasrud and Associates
151 E. County Road B-2
Roseville, MN 55i17
Dear Mr. �lasrud:
This Lett�i of 1;nderstanding formalizes the various points of understanding which have been
:��;reed upon througho�t the discussions concerning the development of the Harkins Site and incor-
porates tF�e revisions made in the meeting of October 8 at the Minneapolis office of Briggs ano
N9organ. Your signature on this Letter acknowledges your agreement of these points which wil'
subsequently be reflected in the Land Sale Agreement between HRA, the City, ar.d Ted Glasru.:
and Associates f or the Harkins air rights.
l. Scop�:� of Pro�ect
Devei:;per �.grees that he snall construct on air rights over a public parking ramp two floors
of. rarnp to be owned and used exclusively by the developer and/or successors in interests
toge±her �vith a condominium housing project of approximately 200 units. The developer
furti�er agrees that the areas in the public parking ramp which are directly related to the
con:o!;�ini�m development such as the finishes of lobbies, elevators, storage space, etc.,
shall ue considered part of the housing development and the cost for such spaces shall be
provided by tt�e developer and shall be financed under the housing project financing.
2. Purchase P�:cL
The ;;urchase price for the air rights is $400,000 which reflects other costs relatecl to othe;
constructier� of the public parking ramp. This purchase price will be paid in the following
manner: $40,000 to be paid immediately as a Good Faith Deposit subject to �ormal HRA
policies regt�rding Good Faith Deposits and payable upon conveyance of the air rights, suc���
deferred portion bearing interest at the rate of 12% per annum payable quarterly three montf��s
frorr� the date of the land sales agreement to reflect the estimated costs of street lighting
and sic�ewaiks.
3. Public Improvements
Developer should pay for the installation of new sidewalks and street lights and the recon�truc.tion
and resurfacing of any street areas, if necessary, which are required to be removed during
construction. City will pay for the installation of necessary traffic signal lights. Develo�:����
also agrees to provide a covered walk on the block for pedestrians during construction.
• �oge Tw�� - , - �
` ��5��r�
4. Utility Hookups
The developer agrees to pay for all necessary utility hookups which shall be required for
both the housing project and the public portion of the parking ramp.
5. Public Parkin� Ramp Utiiities
City will pay for construction and maintenar.ce of facilities located in the parking ramp
such as toilets, sinks, etc. which are serviced by these utilities.
6. Sk wa
HRA will undertake construction of a skyway bridge extension from the project across Eighth
Street to the Donaldson's Town Square development of Oxford Development Minnesota,
Inc. The developer agrees to pay one-fourth of the total construction costs of this skyway
extension or the sum of $100,000, whichever is less and further agrees to pay one-half of
the operation and maintenance costs of the skyway. In the event a skyway extension north
from the ramp is undertaken, the HRA agrees at its expense to enclose a concuurse connectio��
frorn tf�e public lobby of tt�e ramp to the condominium lobby at second level. The developer
agrees at i�ts expense to provide heat, lighting and air conditioning to this enclosed space.
7. Parking Costs and Facilities
The developer and/or condominium association agrees to install ticketing f acilities and extra
facilities such as pass equipment in the public ramp which are necessary to serve the privately
owned portion of the ramp. The City agrees that the developer shall not be responsible
for any foundation or structural costs necessary to provide support for the condominium
and private parl<ing portion of the project. These costs will be financed as a part of the
ramp construction by the Port Authority provided that all parking ramp construction costs
do not exceed $6,500 per vehicle stall. The developer agrees that the parking ramp will
be ti�d into the apartment project's emergency generator. In return, the use of certain
storage space in the public ramp by the developer and/or the condominium association shail
be granted by the City.
8. Timing of Ramp Operation
Developer agrees that the public portion of the ramp will be used by the City for shopper
parking and other public purposes as soon as such operation is physically possible and while
the apartrnent units are still under construction.
9. Sale of Mont��ly Parking Permits to Condominium Owners
City, its successors and assigns, will sell continuing monthly parking permits for not more
than 10% of the total public parking spaces to condominium owners, in addition to others
to be sold to the general public, without reservation of spaces, to allow entry to the ramp,
and parking by such permit holders on a first-come first-served basis with the general public
using the parking ramp on an hourly or daily basis. Provided, however, that the sale and
continued use of such parl<ing permits shall be submit at all times to such terms and conditions
as may be reasonably imposed or set from time to time by City, and shall be subject to imrr�ediate
termination and cancellation, upon the issuance of a statutory notice of deficiency by the
Internai Revenue Service, a ruling of the National Office or any District Office thereof,
.
k�age Thre�� -
s. ' �����
or a final deci.sion of a court of competent jurisidiction which holds or states, or a change
in any f ederal statute which in the opinion of City provides, that the interest received on
the revenue bonds used to finance the ramp is or has been includable in the gross income
of the holders for federal income tax purposes (regardless of whether the statutes, regulati����,
or rulings on which the Determination of Taxability is based are constitutional or their validity
or applicability to such interest is subject to challenge in any proceeding, in the opinion
of City), or in the event of notification of an intendzd assessment of tax, under state law,
on the ramp property or any interest therein as a result of issuance of such permits.
10. Financing
HRA will finance the housing portion of the project, estimated at $16 million, by the issuance
of HRA Tax Exempt Revenue Bonds and the develuper agrees to the following administrative
procedures, costs and fees to be established for applications for Tax Exempt financing as
contained in the Housing and Redevelopment Authority Resolution Establishing Procedures
and Fees for Applications for Tax Exempt Industrial, Commercial and Housing Revenue
Bonds or Notes Under Minnesota Statutes (Chapters 462, 462C and 474 and Chapter 260
Laws of Nlinnesota, 1975):
(a) The HRA L�oard reserves the right to deny preliminary approval for financing, or to modify
or reverse any prior approval of such financing at any stage of the proceedings prior
to delivery of the Notes or Bands for cause pursuant to findings made by the HRA Board.
(b) The City Attorney will appoint bond counsel on a project by project basis. The applicant
will be responsible for the payment in full of services rendered by bond counsel. In the
event that the financing is not completed on a project, the applicant shall pay bond counsel
for services rendered up to the point of project termination.
(c) The applicant shall be responsible for all of its' own costs and for expenses in connection
with the application, and shall be responsible for all out-of-pocket expenses of the HRA,
City Attorney and Department of Finance incurred in connection with the application
and proposed issue and project.
(d) An initial service charge of $65,000 will be paid by the developer to HRA as follows:
$15,000 at the time of bond closing and the balance of $50,000 due two years from the
date of closing. In addition, an administrative service fee of 1% of the amount of the
HRA Bond Issue will be ciue the HRA payable 1/2 (.5%) on the closing date and 1/2 (.5%)
on the first anniversay date of the closing.
11. Mort�age Loan and MHFA Requirements and Procedures
The developer and HRA hereby agree that they will undertake the following actions which
are necessary to the issuance of the Tax Exempt Revenue Bonds and the placement of MHFA
approved mortgage loan financing for the project.
1. If the HRA in its sole discretion, approves the Mortgage Loan financing for the Project
the required submissions shall be made to MHFA. If such submissions are made, HRA
and Developer will cooperate fully with each other to secure approval of the Program
from ll9HFA. Developer will pay the $500.00 review fee directly to MHFA at the time
the Program is submitted for MHFA's approval.
•, P��ge rc�w _.
„ - ° F�,i���`'�t„��
Z. The HRA hereby reserves to itself the right to rescind any action heretofore taken or
tu be prior to the public hearing on Mortgage Loan financing for the Project, if any.
Nothing in this Letter of Understanding shall be construed to require the HRA to approve
tl�e proposed Mortgage Loan financing for the Project upon completion of the public
hearings, if any, nor shall this Letter of Understanding be construed as vesting in Developer
any cause of action against the HRA arising from any failure or refusa! of the HRA to
appruve the Niortgage Loan financing for the Project.
3. The Developer agrees that it will pay any and all costs heretof.ore incurred or to be incurred
by the t-�RA, by bond counsel, or by others retained by the Developer or by the HRA
with the prior agreement of the Developer in connection with and reasonably related
to the Project and Ulortgage Loan financing for the Project whether or not the HRA
or �1HFA approve the Mortgage Loan financing for the Project, and whether or not the
Mortgage Loan financing for the Project is ultimately financed by the HRA. Developer
further understands and agrees that bond counsel, will continue to owe a fiduciary obligation
solely to the HRA with respect to services rendered in connection with Mortgage Loan
financing for the Project, even though said firm's fees shall be the liability of the Develeper.
4. The Developer further understands and agrees that HRA shall have no obligation for
any expenses of the Developer or its partners heretofore or hereafter incurred with respect
to the Developer's praposal, the Project and the Mortgage Loan financing for the Project,
or the proposed site and improvements in the event revenue bonds are not authorized
and issued for any reason, and that in the event such bonds are issued, the use of bond
proceeds will be dependent upon applicable law and regulations and the financial feasibility
of the Project.
Gary Stout Ted Glasrud
Director, 1'ed Glasrud and Associates
Department of Planning .
and Economic Development
and
Executive Director, Housing and
Redevelopment Authority of
the City of St. Paul
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