Title
Resolution authorizing and recommending approval of financing of a Community Development Block Grant (CDBG); authorizing and recommending approval of financing of an American Rescue Plan Act Emergency Rental Assistance (ERA2) loan; and execution of the loan agreements and related documents for the Joseph’s Pointe at Upper Landing project, 200 Wilkin Street, District 9, Ward 2
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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, Schafer Richardson, a Minnesota business corporate (or an affiliated entity, the “Developer”), has requested $1,600,000 in funding to finance the acquisition and rehabilitation of Joseph’s Pointe, a multi-family apartment building located at 200 Wilkin Street, City of Saint Paul, Minnesota; and,
WHEREAS, the proposed project will consist of 90 units of affordable housing, of which 75 units will be affordable at 60% of Area Median Income (AMI), and 15 units will be affordable at 50% of AMI; and,
WHEREAS, the HRA determined that Community Development Block Grant (CDBG) funding and unused funds from the American Rescue Plan Act Emergency Rental Assistance (ERA2) were appropriate sources for the project; and,
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 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 up to $1,358,842.03 in CDBG funds and $241,157.97 in ERA2 funds to develop the Project and authorizes the preparation and execution of all necessary agreements for such financing.
2. The review and acceptance of the Proposal and the making of the Improvement Financing is hereby ratified, confirmed, and approved.
3. 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.
4. 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.
5. 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