272221 � �WMI,�'E -�CITV CIERK f (���f� �
CA�RV - DEPARTMENT COUIICII Fq x„����
� �BLU� - MAVOR G TY� F ,- AINT PAUL File NO.
< ution
Presented By
�
Referred To mittee: Date
. Out of Committee By Date
WHEREAS, the City Council of the City of Saint Paul by Council
Resolution File No. 265595, adopted May 28, I975 and subsequently ra-
affirmed by Council Resolutian File No. 266737 adopted February 5,
1976, and Council. Resolution File No. 271170 adopted May 30, 1978
did npprove the Ftousing and Redevelopment Authority's Redevelopment
Plan for the Downtown Community Development District I7 Areat and
WHEREAS� on Octaber 7, I975 the Housing Authority approvec7 a
developunent proposal and entered into a Develapment Agreement with the
City of Saint Paul, the Science Museum of Minnesota and Sherman Antler
Joint Venture which called for the construction of a parking ramp by
the City, the construction of a Science Muaeum by the Science Muaeum
of Minnesata and the construction af a medical office building,
galleria and apartment building by Sherman Antler Joint V�ntureT and
WHEREAS, by Third Amendatary Agreement to the Development Agree-
ment dated February of 1977, Fount�in Development, a partnership
consisting of She�nan Investment Corporation and Sheehy Pxcaparti�e�, --�nc.,
was substituted and assuni�a�'-` the abligatione and responsibilities o!
Sherman Antler Joint Venture under the Development Agreementt and
WHEREAS, by agreement dated July 25, 1978 Fountain Development
purchased from the Housing Autharity certain portions of the surface
rights of Block 7A designated for the construction of the Medical.
Office Bnilding and Gallery and has commenced construction of said
improvementsT and
WHEREAS, because Fountain DeveZapment has experienced difficuZtie�
in obtaining equity financing for the purchase and construction of the
Apartment Building, the Housing Authority has retained the fee interest
COUNC[LMEN Requested by Department of:
Yeas N ays
Butler
Hozza In Favor
Hunt
Levine __ Against BY
Maddox
Showalter
Tedesco Form Approved by City Attorney
Adopted by Council: Date
Certified Yassed by Council Secretary By__-- �.� �C�,Xi` �1�.�d�7'i�'
sy
t�pproved by lVlavor. Date Appr y Mayor for Su ss n t6Council
^ �
By — BY
� N'HITE - CITV CLERK COI1flCl1 / /�! /.�-
PI'NK�. - FINANCE G I TY O F SA I NT PA U L
� CAwRV - DEPARTMENT
BLUE - MAYOR M ` r � �
File N 0.
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
to that portion af the surface rights above the ramp which was de8ig-
nated for the construction of the Apartment Buildingr and
WHEREAS, the Port Authority of the City of Saint Paul under an
Assumptian Agreement has submitted a proposal and has agreed to
assume the responsibilities and obligations of Fountain Development
with respect to the construetion of the Apartment Building, by pur-
chasinq the property and Ieasing it back to Fountain Development
for complstiant and
WHEREAS, Paragraph 17 of the Development Agreement providea
that any assignment of the obligations created under the Development
Agreement must be approved by the Cityf and
WHEREAS, the City'e Department of Economic Planning and Develop-
ment has reviewed the proposal and has cancluded that the Assumption
Agreement is in the best interest of the City of Saint Paul,
NOW THEREFORE BE IT RESOLVED, that the proper city officers are
hereby authorized and directed to exe�ute on behalf of the City of
Saint Paul that certain Aasumption Agreement whereby the Port
Authority agrees to assume the obligations of Fauntain Devel.openent
with respect to the Apartment Building in a form and manner approvad
by the City Attorney.
2.
COUNC[LMEN Requested by Department of:
Yeas Nays /
Butler �� (n Favor
Hozza
Hunt �
Levine __ Against BY � �
�Is�ii�e
Showalter
Tedesco oEC ' 4 f Form Approved by City Attorney
Adopted by Cou . Date s�—
Certifie assed b ouncil Secreta/y B� `,�`�!�L i(T�'t^—t �������--
By /?�C.-
Appr v by ;Vlavor• � �C+ 2'� Appro y Mayor for Sub ssi to Council
By BY
pt1BLISHED pEC 3 � 1978