Title
Approving and authorizing execution of a Debt Repayment Agreement for 940 Selby Avenue.
Body
WHEREAS, the City's Parks and Recreation Department ("Parks") is owed $50,000.00 ("Debt") from the Selby Area Community Development Corporation ("Property Owner"); and
WHEREAS, the Property Owner's remaining assets consist of ownership of real property located at 940 Selby, Saint Paul, Minnesota ("Property"), and the Property Owner is willing to transfer the Property to the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota ("HRA") in exchange for the payment of the Debt by the HRA to the City; and
WHEREAS, staff has negotiated a three party agreement among the City, HRA and Property Owner ("Agreement") to memorialize this transaction, attached hereto as Exhibit A, and the Agreement is being submitted to the City Council for its consideration and approval; now, therefore be it
RESOLVED, by the Saint Paul City Council as follows:
1. The City Council hereby approves the Agreement in the form submitted. The proper city officials are hereby authorized and directed to negotiate and agree to any other terms needed to effectuate this Resolution provided that such terms are acceptable in form and substance to the Saint Paul City Attorney. The proper city officials are also directed and authorized to execute the Agreement and any other related documents required to implement this Resolution.
2. The $50,000 payment shall be deposited into an account designated by Parks.