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The City and CRA wanted MTP to build the Library Tower and
Grand Place Tower because these buildings would enhance the value
of the Library Square project, thereby increasing the fee that
CRA could charge MTP for the Garage Tower parcel land and the
Central Library parcel density rights. CRA would use that higher
fee to finance the rehabilitation of the Central Library.
D. The Ownership Participation Agreement, the Cooperation
Agreement, the MTP Designated Building Site, and the Library
Tower and Grand Place Tower Variations
The City, CRA, and MTP reached two principal agreements
relating to the Library Square project in 1985: (1) The Owner
Participation Agreement (OPA) between CRA and MTP, and (2) the
Cooperation Agreement between the City and CRA (the Cooperation
Agreement). The final Cooperation Agreement was virtually
identical to the draft cooperation agreement attached to the OPA.
1. The Ownership Participation Agreement
Library Tower and Grand Place Tower were developed under the
OPA reached by MTP and CRA on July 9, 1985.5
MTP’s obligations under the OPA were conditioned on
designation of the Library Square tract as a designated building
site pursuant to Ordinance No. 159802 (the MTP designated
5 Library Square and Fifth & Grand are successors in
interest to the rights and obligations of MTP under the OPA.
Robert F. Maguire III (Maguire) and James A. Thomas (Thomas) were
the principals of MTP, and they controlled Library Square and
Fifth & Grand.
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Last modified: May 25, 2011