Title
Approving and authorizing conveyance of Palace Theatre to the Housing and Redevelopment Authority of the City of Saint Paul (HRA), execution of a reimbursement and loan agreement with the HRA, assignment of existing contracts to the HRA, approval of sprinkler assessment, and approval of budget amendment and related actions. (District 17, Ward 2 )
Body
WHEREAS, the City of Saint Paul (“City”) City Council on December 17, 2014 passed Resolution No. PH 14-343 (“2014 City Resolution”) that approved $8,000,000.00 for renovations to the Palace Theatre in downtown Saint Paul (“Project”); and this amount was reduced to $7,960,000.00 by Administrative Order Number AO 15-76; and
WHEREAS, pursuant to 2014 Minnesota Laws Chapter 294, Article 1, Section 21, Subdivision 18, the City was awarded a grant from the State of Minnesota in the sum of $5,000,000.00 (“State Grant”) to pay for Project costs (“2014 Laws”); and
WHEREAS, subsequent to the passage of the 2014 Resolution and 2014 Laws, City staff has been engaged in many actions to move the Project forward and those actions have included the following: (a) discussions with the State of Minnesota regarding the State Grant and grant agreement; (b) discussions and negotiations with the proposed operator regarding development and use agreements; (c) closing on the acquisition of the real property upon which the Palace Theatre is located that is legally described as Tract A, Registered Land Survey No. 621 (“Real Property”); (d) execution of contracts relating to the planning, design, abatement and renovation of the Project (“Contracts”), supervision of work being performed under those Contracts, and payment of invoices for such work; (e) obtaining additional funds of up to $1.7 million to complete the Project; (f) discussions and negotiations with Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (“HRA”) regarding a change in the ownership of the Proj...
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