Title
Amending the City’s Capital budget and approving a First Amendment to the Funding Agreement with the Housing and Redevelopment Authority of the City of Saint Paul for the Snelling Midway Redevelopment Site; approving the terms of a Memorandum of Agreement with MUSC Holdings, LLC; accepting a grant from the Capitol Region Watershed District; and granting preliminary approval for City financing.
Body
WHEREAS, the City of Saint Paul (“City”) City Council on August 26, 2015 adopted Resolution No. 15-1539 (“2015 Resolution”) supporting the development of a soccer stadium (“Stadium”) at the site located at 400 N. Snelling Avenue, Saint Paul, Minnesota (“Property”) by MUSC Holdings, LLC (“Team”); and
WHEREAS, on March 2, 2016, the City Council (“Council”) of the City adopted Resolution PH 16-64 (the “2016 Resolution”) approving a Development Agreement by and between the City and Team (the “Development Agreement”) and a Funding Agreement (the “Funding Agreement”) with the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (“HRA”) to finance infrastructure and remediation work (the “Project”) in connection with the redevelopment of the Property and a larger area that the Property is within, namely that area bounded by Snelling Avenue, St. Anthony Avenue, University Avenue and Pascal Street North in the City (the “Midway Development Site”); and
WHEREAS, the City and Team entered into a Development Agreement dated April 1, 2016 for the Project; and
WHEREAS, as part of the Development Agreement the City has agreed to contribute the sum of $16,100,000 to defray the costs of public infrastructure, of which $3,068,382 has been budgeted for stormwater facilities (“Facilities”); and
WHEREAS, as a further part of the Development Agreement the City and Team agreed to design, construct and maintain Midway Green Spaces (as that term is defined in the Development Agreement) and in furtherance thereof, the parties have negotiated a Parkland Agreement...
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