CC RES 03-085 A RESOLUTION RELATING TO THE REDEVELOPMENT OF PROPERTY IN REDEVELOPMENT PROJECT AREA NO. 3 AND AUTHORIZING THE PREPARATION, EXECUTION AND DELIVERY OF A CONTRACT FOR PRIVATE REDEVELOPMENT THEREOF

Home Browse Search

THE CITY OF ST. ANTHONY RESOLUTION NO.03-085 RESOLUTION RELATING TO THE REDEVELOPMENT OF PROPERTY IN REDEVELOPMENT PROJECT AREA NO. 3 AND AUTHORIZING THE PREPARATION, EXECUTION AND DELIVERY OF A CONTRACT FOR PRIVATE REDEVELOPMENT THEREOF WHEREAS, the City of St. Anthony (the "City") and the St. Anthony Housing and Redevelopment Authority (the "HRA") have identified an area located in the northwest portion of the City (the "Northwest Quadrant") for study regarding the area's decline and opportunities for potential redevelopment; and WHERAS, the City's HRA hired consultants and appointed a citizen-based task force to develop a planning framework for redevelopment of the Northwest Quadrant; and WHEREAS, the consultants and task force developed the Northwest Quadrant Redevelopment Plan ("Northwest Quadrant Plan"), dated July 2001, which describes the planning process, the existing conditions and provides redevelopment options for the Northwest Quadrant; and WHEREAS, the City and HRA reviewed the Northwest Quadrant Plan and agreed with the findings contained therein; and • WHEREAS, a portion of the property in the Northwest Quadrant is included in Redevelopment Project Area No. 3 established by the Redevelopment Plan for Redevelopment Area No. 3 of the HRA as modified(as so modified the"Redevelopment Plan"); and WHEREAS, the City and HRA have been proceeding with plans and discussions concerning the redevelopment of a portion of the property in Redevelopment Project Area No. 3 ; and WHEREAS, on April 23, 2002 the City Council ("Council") approved Resolution #2002- 042 authorizing the City to enter into a Pre-Redevelopment Contract with Pratt-Ordway-Dominium (Developer Limited Partnership) ("the Developer") for such redevelopment; and WHEREAS, the Developer is proposing to construct approximately 211,000 sq/ft of retail and office space, 220 market rate rental units, 336 owner-occupied flats, 26 three story town homes and 80 senior cooperative units on a portion of the property in Redevelopment Project Area No. 3; and WHEREAS, the City and HRA believe that such proposed redevelopment of the Redevelopment Property will result in increased housing units to meet the demands of the marketplace, the increase of employment opportunities for residents of the city, the increase of the value of property subject to taxation by the City and other local government units, and the increase of general economic activity in the City, all of which will reduce unemployment, improve living conditions, promote desirable redevelopment of land, remove blight and prevent the emergence of additional blighted property and areas, and encourage and enhance the general health and welfare of the residents of the City; and WHEREAS, representatives of the Developer and of the City and HRA have been discussing the proposed terms of such development by the Developer on the Redevelopment Property and the means by which such development will be undertaken and the extent of public assistance required for such development, which proposed terms are contained in a Term Sheet (the "Term Sheet") negotiated by such parties, a summary of which has been presented to and reviewed and discussed by this Council.