Title
Approving the July 10, 2019 HRA Board meeting minutes
Body
ROLL CALL
Present 4 - Commissioners Brendmoen, Jalali Nelson, Thao and Chair Tolbert
Absent 3 - Commissioners Busuri, Noecker and Prince
CONSENT AGENDA
1. Approving the June 12, 2019 HRA Board meeting minutes
Moved by Commissioner Thao, Resolution Adopted and set forth in MIN 19-27
VOTE: Yeas - 4 Nays - 0
FOR DISCUSSION
Commissioner Prince and Busuri Arrived
2. Resolution approving execution of a parking space license and revenue sharing agreement for the World Trade Center Parking Ramp, 475 Cedar Street, with MCM Holdings, an affiliate of the Minnesota Children’s Museum, District 17, Ward 2
Dr. Bruce Corrie, HRA Executive Director, stated that in 1991 as part of the package of incentives to attract the Children’s Museum to Downtown Saint Paul there was a provision for parking in the World Trade Center Ramp owned by the HRA. Under this agreement, the HRA agreed to provide 150 spaces at a discounted rate for MCM patrons and revenue sharing of 80 percent of the revenue generated by patrons using those spaces. This agreement expired in December 1, 2012.
In 1997, the HRA together with Principal Mutual Life Insurance Company (Principal) the owner of the WTC Center at that time, issued parking revenue bonds to expand the WTC ramp. Part of the agreement with Principal was that they had the option to purchase the same when their operating agreement expired in 2018. Principal continued to honor the agreement and the revenue sharing arrangement with MCM and when their operator’s agreement expired on May 31, 2018, the HRA via resolutions #18-123 authorized the continuation of the parking agreement.
A settlement agreement was reached with Principal and approved by the HRA RES #18-1897 enabling the HRA to continue owning the ramp as well as operating it. What we present here today is the new agreement between the HRA and the MCM and by doing so affirms and acknowledges the very important asset to ...
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