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the five parcels, and the Library Tower and Grand Place Tower
variations that CRA would issue to MTP. This development to be
permitted was the same as shown in Table 1, supra p. 8. The City
Council approved the MTP application on August 13, 1985.
Ordinance No. 159802 required that the terms, limitations,
and controls imposed by the City Council be placed into written
agreements describing: (1) The MTP Designated Building Site, (2)
each of the individual parcels in the MTP Designated Building
Site, (3) the buildable area and total permitted floor area of
each parcel, and (4) any other matters which are desirable. The
ordinance required that those terms, limitations, and controls be
designated as “covenants running with land” of each parcel.
In compliance with the ordinance, the City and the owners
of the other four Library Square tract parcels executed and
recorded against their parcel(s) an “Agreement Containing
Covenants [Designated Building Site]”. Each covenant ran with
the land and was binding on the owner and future owners until
released by the City. The covenants also provided as follows:
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