Memorandum of Understanding Executed between City of Minneapolis and Minneapolis Park and Recreation Board to Guide Phase I Redevelopment Process
The City of Minneapolis and Minneapolis Park and Recreation Board (MPRB) have now entered into a Memorandum of Understanding (MOU) that will guide a collaborative process to move towards redevelopment of the northern (Phase I) half of the Upper Harbor Terminal (UHT) site. This follows actions approving the MOU by the City in January and the MPRB in February (see agenda item 9.A.1 on pp. 29-42).
Under the MOU, the City and MPRB will work together to select a Phase I development team based upon a request for qualifications process. The City, MPRB and selected developer then will enter into an exclusive rights agreement under which the three parties will work together (with input from the community and other stakeholders) to formulate a coordinated and integrated plan for both private and park development on the Phase I portion of the site. This will include an implementation plan outlining how and when this coordinated plan can be made a reality. Upon completion and approval of this redevelopment plan, the parties will enter into redevelopment agreements that will establish the terms under which the City will convey to the MPRB the portions of the site destined for park use and to the developer the portions of the site that will be privately developed.