Title
Authorizing an amendment to the Fitzgerald Park capital improvement project to increase spending and financing to pay for the City's removal of the former "Pedro Luggage Center" sign.
Body
WHEREAS, on November 30, 2009 the City of Saint Paul ("City") executed a donation agreement with the former owners of the Pedro Luggage Center (the "Pedro Family") to receive property located at 104, 114 and 124 Tenth Street East, Saint Paul (the "Pedro Property") as a donation for the purpose of developing the site in future years as a city park; and
WHEREAS, the City subsequently demolished the building situated on the Pedro Property, but the business sign of the former Pedro Luggage Center remained in place on land owned by the Pedro Family immediately south of the Pedro Property; and
WHEREAS, the City and Pedro Family now mutually desire to remove said business sign, and the City has agreed to do so at its own cost, to be paid with funds from the 2010 Fitzgerald Park capital project, with a 50% cost reimbursement from the Housing and Redevelopment Authority; and
WHEREAS, said capital project has been receiving rent payments from a private construction company for its use of the Pedro Property as a staging area during construction of the nearby Penfield housing project; and
WHEREAS, there is a need to amend said capital project budget to provide the authority to use said rent payments to finance the sign removal; now, therefore be it
RESOLVED, that upon the advice of the Mayor and recommendation of the Long-Range Capital Improvement Budget Committee, the 2010 Capital Improvement Budget is hereby amended as provided in the Financial Analysis, attached hereto as Exhibit A.
Financial Analysis
See Attachment.
CIB Recommendation
The St. Paul Long-Range Capital Improvement Budget Committee received this request on November 18, 2013 and recommended approval.