Title
Resolution authorizing and approving a $2,159,382 Pooled TIF Loan; and recommending approval by City Council of a Metropolitan Council Livable Communities Act (“LCA”) Local Housing Incentives Account loan in the amount of $1,159,382 and related documents for the Mary Hall project located at 438 Dorothy Place, District 17, Ward 2
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, Aeon, a Minnesota nonprofit corporation (or an affiliated entity, the “Developer”), has requested $2,159,382 in HRA funding to finance the acquisition and rehabilitation of Mary Hall, a currently vacant building located at 438 Dorothy Day Place, City of Saint Paul, Minnesota; and,
WHEREAS, the proposed project will consist of 88 units of deeply affordable housing that will serve people at or below 30% of Area Median Income (AMI); and,
WHEREAS, the HRA determined Pooled TIF as an appropriate funding source for the project; and,
WHEREAS, under Resolution 24-241, the Saint Paul City Council authorized the City to enter into the $1,159,382 Metropolitan Council LCA Local Housing Incentives Account grant agreement and to loan such proceeds to the Developer.
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. Based upon the HRA findings set forth above, which the Board hereby ratifies and adopts, the Board recommends approval of the issuance of a loan to Developer (or its affiliated entity) of $1,159,382 in Metropolitan Council LCA Local Housing Incentives Account development grant funds to develop the Project.
2. Based upon HRA findings set forth above, which the Board hereby ratifies and adopts, the Board approves and authorizes the issuance of a loan to Developer (or its affiliated entity) of $2,159,382 in Pooled TIF funds to develop the Project and authorizes the preparation and execution of all necessary agreements for such financing.
3. The review and acceptance of the Proposal and the making of the Improvement Financing is hereby ratified, confirmed, and approved.
4. The HRA Executive Director, staff, and legal counsel for the HRA are further directed and authorized to take all actions necessary to implement 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.
5. The proper HRA official(s) are hereby approved and authorized to execute any and all documents in connection with this Resolution, subject to approval by the City Attorney’s Office. Further, subject to the City Attorney’s Office, the Board empowers and authorizes the Executive Director of the HRA to execute all said documents and instruments, which shall be sufficient to bind the HRA to any legal obligations therein.
6. 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.