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building site).6 Attachments to the OPA included: (1) A draft
MTP designated building site application, and (2) drafts of the
variations that the City, CRA, and MTP expected CRA to issue to
MTP with respect to the planned Library Tower and Grand Place
Tower buildings. MTP’s obligations under the OPA were also
conditioned on CRA’s showing that the variations for the Library
Tower and Grand Place Tower buildings had been approved and were
in effect.
The OPA provided for development of the Library Square
project in three phases. Phase I covered the development of the
Library Tower building. Phase II covered the development of an
underground parking garage and a garden plaza on the Garage Plaza
parcel. Phase III covered MTP’s option to develop the Grand
Place Tower building on the Grand Place Tower parcel.
During Phase I, CRA conveyed to MTP the Garage Plaza parcel
and other land (including part of the Library Tower parcel), all
of which CRA had obtained from the City pursuant to the
Cooperation Agreement. CRA transferred the Garage Plaza parcel
subject to a permanent easement retained by the City to maintain
a garden plaza on the parcel. MTP paid $33,192,567 to CRA to
acquire development rights and land in connection with Phases I
and II. MTP paid $17,700,000 to CRA to acquire development
6 We discuss Ordinance No. 159802 at Findings of Fact par.
B-3, below pp. 12-14.
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