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Resolution authorizing and approving a loan of up to $1,500,000 in HOME funds; authorizing and approving the removal of an approved $200,000 CDBG Loan; and authorization to enter into a HOME loan agreement and the execution of other related documents for the Stryker Senior Housing project; District 3, Ward 2
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WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”), is a political subdivision of the State of Minnesota, duly organized and existing under the Constitution and laws of the State of Minnesota; and
WHEREAS, pursuant to Minnesota Statutes, Sections 469.001 to 469.047, as amended (the “Act”), the HRA is authorized to acquire and convey real property and to undertake certain activities to facilitate the redevelopment of real property by private enterprise; and
WHEREAS, the HRA Board in RES PH 21-305 (the “Resolution”) approved the sale of two properties located at 605 and 617 Stryker Avenue in the City of Saint Paul, Minnesota (the “Property”) to Stryker Senior Housing LLC, a Minnesota limited liability company or its assigned (the “Developer”) in order to facilitate redevelopment of the site; and
WHEREAS, the Developer’s proposal for the Property is to construct the Stryker Senior Housing project as a 57-unit multifamily rental housing development including functionally related facilities, with surface parking on the Property (the “Proposal”); and
WHEREAS, as part of the Resolution the HRA Board approved among other actions a HOME loan in the amount up to $750,000, and a CDBG loan in the amount up to $200,000.
WHEREAS, Developer is now requesting removal of the CDBG loan in the amount up to $200,000 and an increase in the HOME loan from the amount of up to $750,000 to the amount of up to $1,500,000 on the terms set forth in the staff report accompanying this Resolution (“HOME Loan”), and the HOME Loan will be made pursuant to the terms and conditions of a Loan Agreement between the City a...
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