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File #: RES 23-962    Version: 1
Type: Resolution Status: Archived
In control: Housing & Redevelopment Authority
Final action: 6/28/2023
Title: Resolution authorizing and recommending approval of financing of a $550,000 HOME Loan; authorizing and recommending approval of financing of a $1,950,000 ARPA Loan and execution of the loan agreements for the Treehouse Senior Housing Project; District 15, Ward 3
Sponsors: Chris Tolbert
Attachments: 1. Board Report, 2. Map, 3. Public Purpose, 4. D15 Highland Park Neighborhood Profile

Title

Resolution authorizing and recommending approval of financing of a $550,000 HOME Loan; authorizing and recommending approval of financing of a $1,950,000 ARPA Loan and execution of the loan agreements for the Treehouse Senior Housing Project; District 15, Ward 3

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, the City issued a 30% AMI Deeply Affordable Housing Program - March/April 2022  Request for Proposals; and

 

WHEREAS, the Treehouse Limited Partnership, a Minnesota limited partnership (the “Developer”) submitted a proposal in response to the City’s RFP to construct a 36-unit multifamily rental housing development and functionally related facilities (the “Proposal”) located on a parcel with PIN 222823220080 ; and

 

WHEREAS, the Developer has requested financing of $1,950,000 in ARPA funding and $550,000 in HOME funding, which will be used to complete improvements to the property and staff has identified the sources and terms for this financing in the accompanying staff report (“Improvement Financing”); and

 

WHEREAS, by this Resolution, the HRA finds a public purpose in the issuance of the Improvement Financing to construct affordable housing pursuant to the Developer’s Proposal because it will increase the tax base in the City, stimulate the development of decent, safe, and sanitary housing, and serve as an impetus for further redevelopment;

 

NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “Board”), as follows:

 

                     1.                     The Board approves the Proposal because it will increase the tax base in the City, stimulate the development of decent, safe, and sanitary housing, and serve as an impetus for further redevelopment.

 

                     2.                     The Board approves and recommends authorization of the Improvement Financing and the execution of all necessary agreements for the Improvement Financing.

 

                     3.                     The Board approves and authorizes staff, under the direction of the Executive Director, to take all actions necessary to carry out the activities authorized by this Resolution, including finalizing all documents and agreements necessary to effectuate the activities to be undertaken by this Resolution, subject to approval by the City Attorney’s Office.

 

                     4.                     The Board resolves that the only signature that shall be required on any and all documents in connection with this Resolution, subject to approval by the City Attorney’s Office, is that of the Executive Director who is hereby approved and authorized to execute all said documents and instruments, which shall be sufficient to bind the HRA to any legal obligations therein.

 

                     5.                     The Board Resolves that this Resolution does not constitute a binding legal agreement; rather, the action taken herein shall not be effective until said documents are executed by the appropriate official(s) of the HRA.

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