96-565Return copp to:
Real Estate Division
140 City Hall
RESOLUTION
OF SAINT PAUL, MINNESOTA
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Refeaal To
` l.a'ilil��i'�f��
Cnmmittee: Date
�
WHEREAS, on March 28, 1996, Land 7itle, Inc. paid off two assessments (1 street
improvement and 1 sidewalk) for property located at 865 Grand Ave. (PIN 02-28-23-31-0015)
legally described as:
Summit Pazk Addition to St. Paul in Ramsey County,
Minnesota; all oF Lots 26, 27 and Lot 28, Block 22, and;
WHEREAS, after paying the assessments, Land 1�tle realized they shonld not have paid
off these assessments because of a negotiated purchase agreement between the seller, Norwest
Bank Minnesota, N.A., and the new owner, Montreal Company represented by James A.
Stolpestead, Chief Manager oF VCW Limited Liability Company, and;
WHEREAS, Land 1Ytle, Inc, has requested the Real Estate Division to refund $5,387.95
for the street improvement and $8,134.57 for the sidewalk, and reinstate the assessments to the
properly so they can be colleMed with the property tases over the remaining installment period.
NOW THEREFORE BE IT RESOLVED, that the Real Estate Division is authorized to
refund Land 15t1e, Inc. $13,522.52 and reinstate these assessments to the property to be
collected with the property taates.
Requested by Department of:
Finance & Management Services
By; ���
Director �26
Form Approved by City Attorney
By: �����— '���/ �i �
By: � \
Approved
By:
by Mayor for Submission to Council
By:� � ��
Council File # 9 `— s�.s
Green Sheet # y��sb
Adopted by Council: Date � (�
Adoption Certified by Council Secre
� qc.-sts �
DEPARTMENT/pFFICE/COUNCIL DATE INITIATED u N 3 418 6
Finance De artment Real Estate 5-3-96 �7REEN SHEET __ _ _._ --
INITIAUDATE INRIAUDA7E
CO ACi PEflS�N & PHONE O pEpARTMENT DIPECTOFi � CISY LOUNQL
Roxanna Flink 266-8859 A�" mCtTYA7TOBNEV OCRYCLERK
MUST BE ON COUNCIL AGEN ATE) pOY�N FOfl O BUOGET OIqECTOR � FIN. 8 MGT. SEAVECES OIR.
onoen �MAVOa�oanss�sre.� � Council Research
TOTAL # OF SIGNATURE PAGES 1 (CLIP ALL LOCATIONS FOR SIGNATURE)
ncrroN aEnuESrEO:
Re£und assessment payments paid by the Title Company and reinscate them to the property
to be paid by the buyer through the pxoperty taxes.
RECOMMENDAiIONS: Apprave (A) a Rejea (R) pERSONAL SERVICE CONTpACTS MUST ANSWER THE fOLLOW{NG �UESTIONS:
_ ALANNIN6 GOMMISSIOM _ CIVIL SEflV{CE CAMMISSION �� - Has this persoMfirm ever wnrked under a contract for tttis Eepartmant? -
_ qBCOMMRiEE , YES NO
_� 2. Has this person/firm ever been a c�ry employee?
— VES NO
_ oiSTqIC7 COUR7 _ 3. Does this personttirm possess a skill not normally possessetl by any curcent ciry empl0ye9?
SUPPppT$ WHICN COUNpL OBJECTIVEI j��(� YES NO
Explain all y0s enswers on separate sheet antl ettaeh to green s�eet
INITIATINCa PROBLEM, ISSUE, OPPORTUNITV (Who, What. When, Where, Why):
Land Title inadvertantly paid off two assessments the seller had negotiated with the
new owner to assume. (Schedules A,B,C,D & E)
����.�� ��
MAY t � 19�6
�mF Y��'� �b�"�l��
ADVANTAGESIFRPFROVED:
The city would collect the assessments including interest with' the taxes. _
��%��� �
(�aY Q6 1���
r .' ' �
DISADVANTAGESIFAPPROVED: �- '
None �`il3f#il�� . : ��i `(�f�Al'
ivir�`Y' �. �; ����
DISAOVANTAGES IF NOTAPPflOVED:
None
TOTALAMOUNTOFTRANSACTION $ 13.SZZ.S2 COS7/REVENUEBUDGETED(CIqCLEONE) YES NO
FUNDING SOUBCE pIR AC7IVITY NUMBEH $02-60002-6010-60002
FINANqAL INFORMATION: (EXPLAIN) 502-60002-6007-60002
Apri125, 1996
IAND
�
TITLE z
Ms. Roxanne Flink, Assessment Supervisor
Department of Finance and i�Iana�ement Services
City of Saint Paul
140 City Hati
Saint Pau(, MN SSiQ2
Re: Victoria Crossing West Mai1
867 Grand Avenue
Dear Ms. Flink:
SCNEJ�U1-E ''A"
1900 Silvec Lake Road
Suite 200
New Brighton, Minnesota 55112
(612) 638-1900
FAX 638•1994
9�-sCs
I am writing to follow up conversations you had recently wiih James A. Stolpestad whose
investment group closed on the purchase of the above property on March 21, 1996. At the
closing, we paid off $13,522.52 in special assessments against the property. Copies of the
receipts are enclosed. However, Mr. Stolpestad's �roup intended that the special assessments
would be assumed at the ciosing, not paid. The enctosed copy of the purchase agreement
supports this position.
We would therefore request that you refund to us the $13,522.52 and reassess this amount against
the property. Enclosed is a letter from Mr. Stoipestad a�reeing to [his assessment. Please bill us
for any administrative charge that may result from this refund. Thank you.
Very truly yours,
1
/ .
Dennis 7. Unger
Enclosures
cc: 7ames A. Stolpestad
AGENT FOR CHICACO TITLE INSURANCE COMPANY and FIRST AMERICAN TITLE INSliRAYCE COMPANY
SC'}"I�S�UL� n � j
OFFICB COPY
*�*�*� ���*
CITY OF SAINT PAUL
DEPARTMENT OF FINANCE AND MANAGEMENT SERVICBS
SPECIAL ASSESSHENT RECEIPT
865 GRAND AVE
PROPERTY ID N0. i ASMT � PROSSCT ; ORIG ASMT � PROPERTY ADDRESS
02-28-23-31-0015 ; 3229 ; S 11373 {$14,486.55 ; 865 GRAND AVE
� � � �
SEGINNING ; � � � TOTAL � � SUMltIT PARK ADDITION TO
BALANCE � INSTALLMENT i INTEREST � RECEIVED � BALANCE � ST. PAUL IN RAMSEY COUNTY,
$7,967.58 � $7 ; $166.99 � $8,134.57 � $0.00 � MINNESOTA
� � � � � ALL OF LOTS 26, 27, &
LOT 28 BLK 22
RECEIVED OF:
LAND TITL$, INC.
1900 SILVER LAKE ROAD #200
NEW BRIGHTON, MN 55112
This receipt is void unless stamped by the Cashier
OFFICE COPY
������ ����
CITY OF SAINT PAUL
DEPARTMENT OF FINANCE AND MANAGEMENT 5ERVICES
SPECIAL ASSESSMENT RECEIPT
'.-28-23-31-0015 ; 0507
�
BEGINNING �
BALANCE � INSTALLMENT
$5,387.95 ; $5,387.95
i
i
� ...,......,. � .,.._.. .......
� 18391 � $7,697.11
� � TOTAL
� INTEREST � RECEIVED
� $0.00 ; $5,387.95
� �
i i
;EIVED OF:
LAND TITLE, INC.
1900 SILVER LAKE ROAD �200
NEW BRIGETON, MN 55112
t1�"J�
RECEIPT # DATE
29373 03-28-96
RECEIPT # DATE
29372 03-28-96
� SUMMIT PARK ADDITION TO
BALANCE � ST. PAUL IN RAMSEY COUNTX,
$0.00 � MINNESOTA
� ALL OF LOTS 26, 27, &
LOT 28 BLK 22
> receipt is void unless stamped by the Cashier
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7. CLOSING REQUIREMENTS.
C JC,u�.���..: rr �� , �
�t �•- SG5
{a) Closing Documents. At Closing, the Seller parties shall execute and/or
deliver the following closing documents, in form and content reasonably acceptable
to the parties:
• Quitclaim deed to the Land.
• Quitclaun bill of sale to certain personal property located on the Land. to.
• Standard Se11er's Affidavit, certifying to absence of liens etc., except
Pernutted Encumbrances.
• Such Tenant Estoppel Certificates, in the form aitached as Exhibit B, as
Seller is able through its besE efforts to obtain.
• Certificate of Real Estate Value.
• Such other documents as the Buyer may reasonabiy require.
(b) Prorations. A11 operating costs relating to the Property for the period
through the date of Closing shall be prorated between Seller and Buyer through the
date of Closing. Seller shall pay all real estate taxes and installments of special
assessments relating to the Property for the period through the date of Closing and
Buyer shall be responsible for the payment of all real estate taxes and installments of
special assessments relating to the Property for the period after the date ot Closing.
(c) Possession. Seller shall deliver possession of the Property to Buyer
upon the conclusion of the Closing.
(d) Tax-Exem�t Financi�. Buyer's lender may wish to take advantage of
the tax-exempt nature of the current financing and effect a formal re-issuance of the
Bonds. In that event, Seller agrees to cooperate fully with such procedure and work
with Buyer to accomplish such ob}ective. Buyer acknowledges that in no event
shall SelIer be required to extend the date of Closing, and Buyer ao ees to reimburse
Seller for its costs and expenses incurred as a result of any such cooperation
requested by Buyer.
8. GENERAL PROVISION.
(a} Entire A�;reement. This written Agreement constitutes the complete
ao eement between the parties and supersedes any prior oral or written agreements
between the parties regarding the Property. There are no verbal ab eements that
change this Aareement and no waiver of any of its provisions shall be effective
unless done in a written document that is properly executed by the parties.
-5-
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SGI-�tQUL£"� '
VCW LIlVIITED LIABILTTY COMPANY {�� S GS
Apri125, 1496
Ms. Roxanne Flink, Assessment Supervisor
Department ofFinance and Management Services
City of Saint Paul
140 City Hall
Saint Paul, MN 55102
Re: Victoria Crossing West Mall
867 Grand Avenue
Dear Ms. Flink:
I am the Chief Manager of VCW Limited Liability Company, which closed on the purchase of the
above property on March 21, 1996. At the closing, $13,522.52 in special assessments against the
property were paid off. We had intended that the special assessments would be assumed at the
closing, not paid, as indicated in the purchase agreement.
We understand that Land Title, Inc. has requested that you refund to them the $13,522.52 and
reassess this amount against the property. We consent to this assessment and agree to pay offthe
resulting principal and interest over the ma�cimum time period available under applicable city
ordinances. We also agree to reimburse Land Title, Inc, for any administrative charge that may
result from this refixnd. Thank you for your assistance.
Very truly yours,
ames A.
Chief Mar_o__