Title
Approving a development agreement with West Side Flats Apartments LLC and related agreements with the developer and affiliates thereof. (Laid over from October 10)
Body
WHEREAS, the City Council (the "Council") of the City of Saint Paul (the "City") has heretofore received a proposal from West Side Flats Apartments LLC, a Minnesota limited liability company (the "Developer") that the City and the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") assist with certain public costs of a development consisting of not less than 178 rental housing units, related parking improvements and approximately 6,185 square feet of commercial space to be constructed by the Developer within the Tax Increment Financing District (the "Development"); and
WHEREAS, the City and the HRA have caused to be prepared a Development Agreement (the "Development Agreement") with Developer and certain related subgrant agreements ("Related Agreements") setting forth the terms and conditions under which the City and the HRA will provide tax increment financing assistance and certain other assistance for the Development, copies of which are on file with the Director of PED Department; and
WHEREAS, as a condition of receiving grant funds of $598,906 from the Minnesota Department of Employment and Economic Development ("DEED") for the Development, the City is required to execute a Declaration ("DEED Declaration") subjecting the City's easement interest in Harriet Island Boulevard and West Side Flats Drive to certain restrictions and encumbrances and the City is willing to do so.
NOW, THEREFORE, BE IT RESOLVED, by the Saint Paul City Council as follows:
Section 1. Approval of Development Agreement and Related Agreements.
1.01 The City hereby finds, determines and declares that it is in the public interest of the residents of the City that the Development as described in the Development Agreement be undertaken in order to increase the supply of low ...
Click here for full text