Title
Amending the financing and spending plans in the Parks and Recreation Department in the amount of $1,526,723 to recognize reimbursement grant funds being requested from Metropolitan Council Park Acquisition Opportunity Fund to purchase property at 1200 Jackson Street, and authorizing proper City officals to enter into a grant agreement if funds are granted.
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WHEREAS, the City of Saint Paul ("City") seeks to acquire property located at 1200 Jackson Street in Saint Paul (the "Property") for the public purpose of establishing a trail head, parking area, and gateway to the Trout Brook Regional Trail and Trillium Nature Sanctuary; and
WHEREAS, the Property was proposed for acquisition in the Trout Brook Regional Trail Master Plan, adopted by the Saint Paul City Council on November 18, 2009 (CF09-1301); and
WHEREAS, the City, acting through its Office of Financial Services, Real Estate Section, has secured a signed Agreement for Sale and Purchase of Real Property ("Purchase Agreement") to acquire said property, attached hereto as Exhibit A; and
WHEREAS, the City has agreed to pay One Million Five Hundred Thousand Dollars and 00/100 Cents ($1,500,000.00), to purchase the Property, this being a fair and reasonable value as determined by independent appraisals, negotiated and agreed to between the property owner and the City, and recommended by the Real Estate Manager; and
WHEREAS, the City's Department of Parks and Recreation ("Parks & Recreation") intends to seek grant funds from the Metropolitan Council Park Acquisition Opportunity Fund to finance 75% of the acquisition and all related eligible reimbursable costs, estimated to total $1,526,723, with the remaining 25% and all ineligible costs estimated to be $513,908 from 2010 CIB Bond funds (Trillium Site Development- CF-0601010); now, therefore be it
RESOLVED, that the Mayor and Council of the City of Saint Paul hereby approve said Purchase Agreement; and be it further
RESOLVED, that upon the advice of th...
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