Title
Resolution recommending approval of the financing of a $2,307,342 American Rescue Plan Act (ARPA) loan and authorization to enter into a Subrecipient and Loan Agreement for the Ashland Apartments project at 532 Ashland, District 8, Ward 1
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (“HRA”) is a public body corporate and politic organized, existing, and operating under the laws of the State of Minnesota, Minn. Stat. Sec. 469.001, et seq. (the “Act”); and
WHEREAS, the HRA has the power to engage in development and redevelopment activities under the Act, and is authorized to create redevelopment projects as defined in the Act, and said activities include but are not limited to: (a) providing adequate, safe and sanitary dwellings, remedying housing shortages for low and moderate income residents, and providing housing for persons of all incomes through housing projects and development, (b) removing and preventing blight or deterioration, (c) bringing substandard buildings and improvements into compliance with public standards, (d) performing duties according to the comprehensive plan, (e) disposing of land for private redevelopment, and (f) improving the tax base and the financial stability of the community; and
WHEREAS, on March 11, 2021, the American Rescue Plan Act (ARPA) was signed into law by the President of the United States; and
WHEREAS, the ARPA established the Coronavirus Local Fiscal Recovery Fund, intended to provide support to local governments in responding to the impact of COVID-19 and in their efforts to contain COVID-19 in communities, residents, and businesses; and
WHEREAS, from the Local Fiscal Recovery Fund the U.S. Department of Treasury is distributing $45.8 billion to metropolitan cities, of which the City of Saint Paul (the City) received an allocation totaling $166,641,623; and
WHEREAS, on December 16, 2021, via RES 21-1794, the City allocated $20 Million of its ARPA Loca...
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