274468 WHITE — Clf'V CIERK � (�
P'NK ? FINANCE COIIIICII ��i �� ��?�{
CANARV — DEPARTMENT GITY OF SAINT PAUL File NO. C..� . s3 �. ' �
�IUE � — MAVOR . �
Council Resolution
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Presented By
Referred To Committee: Date
Out of Committee By Date
WI�REAS, the Director of the Department of Planning and
Economic Development has considered the proposed sale and has
determined that said sale is in the best interest of the City of
Saint Paul.
NOW TI�REFORE BE IT RESOI,VED, th�at the proper City officers
are hereby authorized and directed to execute on beht�lf of the
C ity of Ss int Pa ul a document termina t ing or rele�s ing the C ity
from all of its obligations and rights under the heretofore mentioned
Sublease Agreement in a manner and form accepta7�le to the City
Attorney.
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-2-
COUNCILMEN Requested by Department of:
Yeas '��' Nays �
H� [n Favor
Hunt �j,
Levine _ v __ Against BY
Maddox
Showalter
Tede FEg 2 01980 Form Approved by City Attorney
Adopted Coun ' . Date
Ce ied .;ed Council S�cret y a �/,^7y
.
A�pp lNavor: Date CCIZ 7 9 1�AE� Ap oved b M or for Subm' sion to Council
By _ — — BY
r�a.t�tE� MAR � 1�$0
WHITE - CtTV CLERK � / �p (�
PINK � FiNANCE COUIIClI 4 4�R�� � ��q,/
CANARV -- OEPARTMENT GITY OF SAINT PAITL File NO. �' ��/ /,` "�,l''�'7�
Bl_UE .� - MAVOR
Council Resolution
Presented By '
Referred To Committee: Date
Out of Committee By Date
WI�REAS, the C ity Council of the C ity of Sa int Paul by Council
Resolution C. F. 268996, adopted by the Council on May 3, 1977 and
approved by the Niayor on Ntay 6, 1977, did pravide tY�e neceasary
r�pprova 1 a llowing the Port Authority of the C ity of Sr�int Pnul to
issue revenue bonds in the principal amount of $5,000,000 to finence
the canstruction of a public parking lot in Block A t and
WHEREAS+ in the development of the improvements on Block A,
among which includes the parking ramp, it was contemplmted that �he
Yort Authority as o�tner of the parkingfacility, would le�se the
operation and ma�intenance of the facility to TMD, Inc., n Minneeota
eorporationj nnd further that TMD, Inc., would then suble�ee its
obligations and r-ights under the lease to the Cityj and
WI�REAS. the Lease Agreement between the Port Authority of the
�ity of Saint Paul and TMD, Inc., and the Suble�ase Agresment between
TMD, Inc. and the City of Sr�int Paul, �bove mentioned, were duly
�nd properly executed on November l, 19771 and
W�REAS, the Port Authority of the C ity of Sn int Paul hr�s
entered into negotiationa with Oxford Development Minneeota, Inc.,
a Minnesot� corpora tion arrl � wholly owned subsidinry of Oxford
properties, Inc., a Colorado corporstion, which is expected to re—
sult in the smle of the parking fac i.l.ity to Oxford Development
Minnesota Inc., t and
W�REAS, in order to com�lete this sale it is necessary that the
i�nt�rests in the p�rking facility owned by TMD, Inc., ns reflected
in the Lease Agr�ement, and the City, �s reflected in the Sublease
Aqreement, be terminnted or rele�sed by mutual agreement af the p�rtiesl
a tid
COUNC[LMEN
Yeas Nays Requested by Department of:
Butler [n Favor
Hozza i"'�
Hunt
Levine __ Against BY
Maddox
Shovualter
Tedesco Form Approved by City Attorney
Adopted by Council: Date
Certified Pass�ed by Council Secretary - �� `��/�-79
By
t�pproved by lVlavor. Date Appro ed by ayo for Submi ion to Council
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By BY
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