Title
Resolution Authorizing Approval of 2012 Technical Budget Amendment
Body
WHEREAS, on May 25, 2011, the HRA adopted Resolution #11-971 approving a $500,000 loan to Episcopal Homes to partially finance a fifty (50) unit affordable rental housing project for seniors located at the SW corner of Fairview and University in St. Paul (the “Episcopal Project”) and adopted an amended budget allocating CDBG funds to the Episcopal Project; and
WHEREAS, on October 26, 2011, the HRA adopted Resolution #11-2106 approving two loans totaling $854,000 from HRA Fund 117 as a temporary source for the Northern Warehouse Project with the intention to utilize future CDBG and HOME dollars to replace a portion of the HRA Fund 117 dollars; and
WHEREAS, the two loans for the Northern Warehouse Project included a $604,000 Cash Flow Loan and a $250,000 Deferred Loan; and
WHEREAS, the Episcopal Project has received LCDA funds for acquisition and can no longer utilize the CDBG funds making $500,000 of CDBG funds available for spending; and
WHEREAS, a recent repayment of HOME funds has created $200,000 available for spending; and
WHEREAS, $50,000 of the released Episcopal CDBG dollars will now fund $50,000 of the Deferred Loan, $200,000 of available HOME funds will be used of $500,000 will be utilized to fund the balance of the Deferred Loan, in its entirety and $450,000 of the released CDBG dollars will now to fund $450,000250,000 of the Cash Flow Loan (leaving retaining $154,000354,000 in HRA Fund 117 inon the Cash Flow Loan) and repayments on the Cash Flow Loan will be split pro-rata between the two funding sources of CDBG and HRA Fund 117; and
WHEREAS, on May 9, 2012, the HRA adopted Resolution #12-894 approving a $420,000 Loan to BB Housing Associates, LLC to redevelop 242-244 Maria Avenue Under Invest Saint Paul Initiative; and
WHEREAS, HRA Resolution #12-894 resolved that the $420,000 Loan was to be initially funded with ISP funds, and then, up to $330,000 of CDBG funds we...
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