Title
Approving and Authorizing the CDBG Loan Amendment for TWV Limited Partnership, Districts 3 and 5, Wards 2 and 5
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
WHEREAS, 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, (g) engaging in the aforementioned activities, with a focus on targeted neighborhoods, when these needs cannot be met through reliance solely upon private initiative; and
WHEREAS, the HRA is authorized to create redevelopment projects as defined in Minnesota Statutes, Section 469.002, Subdivision 14; and
WHEREAS, in 2006 the HRA entered into a deferred loan agreement (“Loan”) with TWV Limited Partnership in the amount of $275,000 using Community Development Block Grant (CDBG) funds (“CDBG Loan”) for the rehabilitation of three properties, Torre de San Miguel (142 units), Westminster Place (99 units), and Vista Village (48 units), projects controlled by TWV Limited Partnership (“Project”); and
WHEREAS, TWV Limited Partnership (“Owner”) is seeking to modify the Loan to remove Torre de San Miguel as security from the Loan; and
WHEREAS, staff recommends the HRA approve the amendment to the Loan removing Torre de San Miguel for the reasons described in the attached staff report; and
WHEREAS, by this Resolution the HRA approves amending the Loan and finds a public purpose for the actions taken in connection with the Project.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota that:
1. The HRA Board of Commissioners hereby approves and authorizes the execution of a Loan Amendment to remove Torre de San Miguel from the Loan and all related documents.
2. The HRA Executive Director, staff, and legal counsel for the HRA are directed and authorized to take all actions necessary to implement this Resolution.
3. The HRA Executive Director is authorized to negotiate and execute any loan documents and instruments in connection with this Resolution including without limitation the execution of a Loan Amendment to modify the Loan and all related documents.