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ORIG�tJAL TO CITY CL6RK � M
��t -- CITY OF ST. PAUL FOENCIL NO.
�. ' . OFFICE OF THE CITY CLERK
COUNCIL RESOLUTION-GENERAL FORM ,
PRESENTED BY • - .
COMMISSIONE DATF
✓
WHER � , p r uan o the ' provisions of its Resolution,
Council Fil No. 8795, adopted and approved May 28, 1968,
the Council of the City of Saint Paul, Minnesota did authorize
the execution of a Cooperation Agreement respecting Summit-
IIniversity Urban Renewal Area Project No. Minra. R-47 between
the Housing and, Redevelopment Authority of the City of Saint Paul,
Minnesota and the City of Saint Paul, Minnesota, which Agreement
was duly egecuted May 2g, 1968, and provided �or the various
under�akings of said City and said Authority in carrying out
the Summit-University IIrban Renewal Area Project Minn. R-47
in the City o� Saint Paul, Minnesota, including the respective
obligations of said City and Authority toiaards the payment of
the Project cost and any loss �ahich might arise to the United
States of America to Pro ject Temporary Loan.s made to the Housing�.
and Redevelopment Authority of the City of Saint Paul, Minnesota
for undertaking of Early Land Acquisition activities in said
project area; and �. . . .
WHEREAS, the Housing and Redevelopment Authority of the
� City of 5a�in`t Paul, Minnesota, under date of July 30, 1968, did -� ��,�,-_
enter into a Tem orar Loan Contra°ct.-�- .E�arl �' �; �. �`'`��'�'��;�
P Y � 3j,�{�,��_���=�:s�: � � . .
� Contract No,; .Minn.-��R-47 (T.L. ) and did egeeufi��� •a� P-�o}�� ` � ,e`�u�porary
, Loan No. 1 in the a�ount of �2,407,000.00 payable to the United
� States of A.merica an.d the City of Saint Paul did undertake re-
O payment of said Note ; and
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WHEREAS, it is desirable that the City and the Authority
� more clearly identify the sources of repayment of said Project
Temporary Loan Note and other Notes issued under the aforesaid
� Temporary Loan Contract and establish a priority of such paym.ent
� and there has been introduced and considered at this meeting of
`
the Council a proposed First Amendment Cooperation Agreement
Respecting Summit-IIniversity Urban Renewal Project Riinn. R-47,
Now, Therefore , be it
RESOLVED, by the Council of the City of Saint Paul, that
COUNCILMEN Adopted by the� Counci� 19—
Yeas Nays T
Carlson
Dalglish Approved 19—_
" Meredith Tn Favor
Peterson '
Sprafka Mayor
Tedesco A gainst
Mr. President, Byrne
• �O
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ORf6{�NAL TO CITY CL6RK f�����'1
-�� � CITY OF ST. PAUL COUNCIL ��{ �� ' J
�� FILE NO.
�• OFFICE OF THE CITY CLERK
COUNCIL RESOLUTION—GENERAL FORM
PRESENTED BY j
COMMISSIONER DATF
Page 2.
the First Amendment Cooperation Agreement Respecting Summi�-
University Urban Renezval Project Minn.. R-47, a copy of which
First Amendment is hereto attached as Eghibit "A", is hereby
: approved, and the proper officers of the City are hereby
authorized to egecute the same on behal� of the City of
Saint Paul, Minnesota, in the manner required by law. '.
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�EP 2 7 196�
r
COUNCILMEN Adopted by the Counci� 19—
Yeas Nays �EPf•Z 7 196�
• Carlson `
Dalglish Approved 19—_
Meredith � Tn Favor
Peterson �
Sprafka � ;'
Mayor
Tedesco A gainst
D?r. President, Byrne pU�LI^�Hf� �CT 5 1968
�O
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_ • - FIRST AMENDMENT
' COOPERATION AGREEMENT - �
. � ' • �
� RESPECTING
SUI�IIT-UNIVERSITY URBAN RENEWAL PROJECT MINN. R-47
THIS AGREEMENT, entered into this day of September, 1968, by and
between the �
Housing and Redevelopment Authority .
, of the City of Saint Paul,Minnesota,
hereinafter called the "Authority",
. and .
• City of Saint Paul, Minnesota,
` hereinafter called the "City", � " -
WITNESSETH: - •
WHEREAS, under date of May 29, 1968, the parties entered into a certain agreement
entitled, "Cooperation Agreement Respecting Loan Under Section 102 (a) of Title I,
Housing Act of 1949, As Amended To Undertake Redevelopment Proj�ect Activities In Sum�mit-
University Urban Renewal Area," whereunder the Authority agreed to make application to
the United States of America for Section 102 (a) loan and a Section 103 grant under
Title I, of said Housing Act and the City agreed to assume the responsibility to b_ear
any loss that might arise to the United States under the Section 102 (a) loan on the
conditions in said Agreement recited; and
WHEREAS, under date of May 29, 1968, the parties entered into a certain further
agreement entitled, "Cooperation Agreement Respecting Summit-University Urban Renewal
Pro3ect Minn. R-47," setting forth the respective obligations of the parties in carrying
out the Summit-University Urban Renewal Area Project Minn. R-47 including their
respective obligations for financing of the Project and repayment upon demand of any
Ioss sustained by the United States under said Section� 102 (a) loan; and
WHEREAS, under date o£ July 30, 1968, the Authority and the United States of
America entered into a Temporary Loan Contract (Early Land Acquisition) , Contract No.
Minn. R-47 (T.L.), Project No. iriinn. R-47, whereunder the United States agreed to make
available to the Authority a temporary loan, pursuant tu Section 102 (a) of Title I
� of said Housing Act in an amount not to exceed $7,360,766.00 in connection;with early
land acquisition in the Summit-University Urban Rene�aal Area Project Minn. R-47,
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which loan is to be secured by Project Temporary Loan Note or Notes issued by the
Authority which Note or Notes are to contain a written undertaking by the City for
repayment of the principal and interest on said Note or Notes in accordance with the
provisions of Section 305 of said Temporary Loan Contract; and ,
" WHEREAS, the Authority has made a requisition for loan funds in amount of �
$2,407,000.00 and will make further requisitions under terms of .said Temporary Loan
Contract and the parties to this Amendatory Agreement are desirous of establishing a .
priority of sources of funds for repayment of said Note or Notes. • .
NOW, THEREFORE, it is mutually agreed by the parties that that certain Cooperation
Agreement Respecting Surunit-University Urban Renewal Area Project Minn. R-47, entered
into by the parties on May 29, 1968, be and is hereby amended by addition of a
Paragraph 5 to said Agreement in the following language: '
"5. The City and Authority agree with respect to the issuance of
Project Temporary Loan Note or Notes by the Authority with written under-
taking of repayment by the City on the condition in said Note or Notes set
forth under the provisions of the Temporary Loan Contract (Early Land _ �
Acquisition), Contract No. Minn. R-47 (T.L.) , Project No. Minn. R-47, .
dated July 30„1968�, between •the Authority and the United States of
America, in extension of the provisions of .Paragraph 3 of this Agreement,
and as between the City and Authority, in the event of a demand for
payment of any such Project Temporary Loan Note or Notes, that the
following sources of payment and priority of application to said payment �
shall be employed: �
a) First, all unencumbered proceeds of said Project Temporary .
. ,
. Loan Note or Notes;
b) Second, aIl funds in the Temporary Loan Repayment Account
� maintained.by the Authority pursuant to the provisions of
the Sectiore 303 of said Temporary Loan Contract;
c) Third, the Redevelopment Project Fund Reserve; and
d) Fouzth, the balance, if any, by iasuance of Urban Renewal
Bonds in an amount not to exceed one-third of Net Project=
Cost; and
e) Fifth, the balance, if any, by issuance of Housing and
Redevelopment Authority Bonds." --
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' IN WITNESS WHEREOF, the parties have set their hands and seals all as of the
j day and year firs,t above written.
; ' .
� � HOUSING AND REDEVELOFMENT AUTHORITY
; ' , , . OF THE_CITY OF SAINT PAUL,MINNESOTA
: .
- � By ' .
` � • ` ' Its Chair�n
, • . - - .
i � p ' .
� . � � � � a� , � .
; (SEAL) Its Secretary
� . .
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` -- - - - --- �— ---- -- ----_. .------ -
' CITY OF SAINT PAUL, MINNESOTA
� , •
i By
� � Mayor �
(SEAL) ' By
� ' � � City Clerk
f �
sy � .
� COUNTERSIGNED BY: Commissioner of Parks, Recreation
' • and Public Buildings
By
i Comptroller ' Commissioner of Finance
� _
' Approved as to Form: Approved as to Form: "
Assistant Corporation Counsel - Authority Staff Counsel �
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