Title
Resolution Authorizing Designation of Tentative Developer Status for Bridge Investments, LLC for 123 Atwater Street Parking, District 6, Ward 1
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") is a public body corporate and politic established pursuant to the provisions of Minnesota Statutes, Section 469.001, et seq. (the “Act”); and
WHEREAS, the HRA has the power to engage in development or redevelopment activities under Minnesota law and the HRA is authorized to engage in activities relating to (a) housing projects and development, (b) removal and prevention of the spread of conditions of blight or deterioration, (c) bringing substandard buildings and improvements into compliance with public standards, (d) disposition of land for private redevelopment, and (e) improving the tax base and the financial stability of the community, and to engage in the aforementioned activities when these needs cannot be met through reliance solely upon private initiative and which can also be undertaken in targeted neighborhoods; and is authorized to create redevelopment projects as defined in Minn Stat Section 469.002, Subd. 14; and
WHEREAS, HRA staff received a proposal for redevelopment of a HRA-owned vacant site at 123 Atwater Street from Bridge Investments, LLC; and
WHEREAS, according to the HRA’s disposition policy, HRA staff requested proposals on the City of Saint Paul’s web page; and
WHEREAS, after more than 45 days of posting the notice, no further proposals were received by HRA staff; and
WHEREAS, after reviewing the submitted proposal, staff recommends accepting the proposal from Bridge Investments, LLC to construct an off-street parking lot located at 123 Atwater Street to assist in the rehabilitation and use of a vacant building located at 842 Rice Street (Caron Fabre Building) and together known as the Project (the “Project”); and
NOW THEREFORE, BE IT RESOLVED by the HRA that the Bridge Investments, LLC is designated as Tentative Developer for 123 Atwater Street for a period of 180 days, within which period of time the Tentative Developer, at its own cost, will complete the following:
1. Within 90 days, for the Project, complete a formal scope of work with architectural/engineering plans and specifications to include a site plan, elevations, incorporate Green/Sustainable Development guidelines, exterior treatments/materials for review by HRA and suitable for submission to the Department of Safety and Inspections to obtain the proper building permits.
2. Within 90 days, for the Project, submit evidence of availability of construction financing for review by HRA staff for acceptability.
3. Finalize a detailed development budget and businesses plan for approval by the HRA staff.
4. Within 120 days, a HRA approved scope of work must be completed.
5. The Tentative Developer will submit an application for a rezoning to allow for the construction of an off-street parking lot.
6. Within 180 days receive all approvals for zoning, licenses and any other required City or State approvals required for the Project.
7. Negotiate final terms and conditions of a development agreement which will include review of all compliance requirements, details of the bidding process and sworn construction cost statement from their selected contractor for the Project.
BE IT FURTHER RESOLVED that the terms and conditions of a development agreement by and between the HRA and Tentative Developer be within the following constraints:
1. All pre-development costs are the sole responsibility of the Tentative Developer.
2. The Tentative Developer must work with affected community groups.
3. The property will be sold “as is”.
BE IT FURTHER RESOLVED if the Tentative Developer does not timely complete the tasks specified in this resolution by the stated deadlines or abide by its restrictions, the Tentative Developer status shall terminate without further action by this Board.