Title
Authorizing conveyance of a vacated City-owned parcel to the Saint Paul Port Authority for development purposes.
Body
WHEREAS, on September 15, 2010 the City Council approved Resolution No. 10-1038 vacating portions of Seminary Avenue and Hubbard Street between Chatsworth Street and Milton Street in Saint Paul; and
WHEREAS, a portion of the vacated right-of-way included a 40-foot by 170-foot parcel owned in fee by the City of Saint Paul (the "City") and located immediately south of and adjacent to the vacated Seminary Avenue right-of-way, as depicted and legally described in Exhibit A attached hereto; and
WHEREAS, the purpose of the vacation was to facilitate the redevelopment of adjacent property owned by the Port Authority of the City of Saint Paul (the Port Authority); and
WHEREAS, the Port Authority seeks to acquire the City Parcel, which is necessary for the redevelopment project; and
WHEREAS, the City has determined there is no longer a public purpose to retain ownership of the City Parcel, and wishes to convey said parcel to the Port Authority; and
WHEREAS, pursuant to Sec. 51.01 (7) of the Saint Paul Administrative Code, the City may dispose of the City Parcel by direct conveyance to the Port Authority in exchange for consideration based on the propertys fair market value; and
WHEREAS, the Office of Financial Services - Real Estate Section has established a fair market value of $1.00, said value reflecting the unimpaired value of the City Parcel less the cost of environmental remediation of said parcel; now, therefore be it
RESOLVED, that the Mayor and City Council do hereby authorize the proper city officials to convey, by Quit Claim Deed, said City Parcel to the Port Authority for $1.00 and other good and valuable consideration.
Financial Analysis
None