Title
Amending the City’s Capital Budget and approving a second amendment to the funding agreement with the Housing and Redevelopment Authority for the Snelling Midway Redevelopment Site; executing a public infrastructure funding agreement with MUSC Holdings, LLC and Minnesota United Soccer Club, LLC; and executing lease extension option instruments with the Metropolitan Council, MUSC Holdings, LLC, and Minnesota United Soccer Club, LLC.
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WHEREAS, the City of Saint Paul (“City”), through the action of its City Council (the “Council”) on August 26, 2015, adopted RES 15-1539 supporting the development of a Major League Soccer Stadium (the “Stadium”) at the site located at 400 N. Snelling Avenue, Saint Paul, Minnesota (the “Bus Barn Property”) by MUSC Holdings, LLC (the “Team”); and
WHEREAS, on March 2, 2016, the Council adopted RES PH 16-64 approving a Development Agreement by and between the City and Team and a Funding Agreement (the “Funding Agreement”) with the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (“HRA”) to finance infrastructure and remediation work (the “Project”) in connection with the redevelopment of the Bus Barn Property and a larger area that the Bus Barn Property is within, namely that area bounded by Snelling Avenue, St. Anthony Avenue, University Avenue and Pascal Street North in the City (the “Midway Development Site”); and
WHEREAS, the City and Team entered into a Development Agreement dated April 1, 2016 for the Project and development of the Stadium (the “Development Agreement”); and
WHEREAS, as part of the Development Agreement the City agreed to contribute the sum of $16,100,000 to defray costs of the infrastructure, including the installation of stormwater facilities (the “Stadium Site Infrastructure”); and
WHEREAS, subsequent to entering into the Development Agreement, the City and Team jointly decided to expand the contemplated stormwater facilities to provide for an integrated storm water...
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