Title
Authorizing execution of a Special Assessment Agreement for United Village Redevelopment Phase 1 in the project area at and around 1566 University Ave West (District 13, Ward 1).
Body
WHEREAS, the United Village redevelopment Phase 1 construction project that will be undertaken by Snelling-Midway Redevelopment, LLC (the “Developer”), is planned to include a hotel with attached parking structure, a new four-story office building, two new restaurant spaces, and all associated public infrastructure needed to support such developments (the “Project”).
WHEREAS, pursuant to the terms of a Development Agreement made between the Developer and the Saint Paul Housing and Redevelopment Authority (“HRA”), the Developer will be responsible for constructing certain public infrastructure, including public rights-of-way, that are to be financed by various funding sources described in the Development Agreement and that contemplates other public funding achieved by special assessments on the Project land; and
WHEREAS, the City staff has negotiated the terms of a certain Special Assessment Agreement, Petition and Waiver (the “Special Assessment Agreement”), under which the Developer agrees to submit its land to special assessments of $3.3 million, plus fees and interest, and waives its right to challenge such assessments;
WHEREAS, the City staff intends to, after the execution of the Special Assessment Agreement, follow all steps (including hearings, notices, resolutions, etc.) that are required to implement the terms of the Special Assessment Agreement;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Saint Paul, that the Council:
1. hereby authorizes and approves the City of Saint Paul to enter into the Special Assessment Agreement with the Developer, Snelling-Midway Redevelopment, LLC, and to proceed in a manner consistent with the terms thereof.
2. hereby authorizes and approves City staff to take all actions necessary to carry out the activities authorized by this Resolution (and ratifies actions taken to-date), including finalizing all documents, subject to approval by the City Attorney’s Office.
3. hereby authorizes the appropriate City officials to execute, on behalf of the city, the Special Assessment Agreement, and other such related or ancillary documents required in connection therewith, subject to approval by the City Attorney’s Office.
4. This Resolution does not constitute a binding legal agreement; rather, the action taken herein shall not be effective until said documents are executed by the appropriate official(s) of the City.