- 15 -
feet, and restricted development by MTP of the Garage Plaza
parcel to no more than 6,000 square feet of floor area. This
variation would be voided if the OPA were terminated because MTP
defaulted, but it would become unconditional and irrevocable if
CRA certified to MTP that construction and development of the
property had been completed satisfactorily.
CRA adopted a resolution permitting MTP to exceed FAR
limitations for the Grand Place Tower building. This variation,
in conjunction with Ordinance No. 159802 and the MTP Designated
Building Site, increased the amount of allowed floor area by
885,000 square feet and permitted MTP to develop the Grand Place
Tower building with floor area up to 1.2 million square feet.
This variation was conditioned on MTP’s paying all amounts it
owed under the OPA, including $17,700,000 for Phase III. This
variation would be nullified if the OPA were terminated by
reason of default by MTP. It would become irrevocable if CRA
certified to MTP that construction and development of the
property had been completed satisfactorily.
Library Tower was placed in service in 1989. Grand Place
Tower was placed in service in 1991. On March 18, 1998, CRA
certified to MTP that all construction and development required
by Phases I, II, and III of the OPA had been completed
satisfactorily.
Page: Previous 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 NextLast modified: May 25, 2011