Title
Resolution approving and authorizing extension of the terms of three HRA loans associated with Tilsner Building Limited Partnership, for property at 300 Broadway Street, 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 when needs cannot be met through reliance solely upon private initiative, which can also be undertaken in targeted neighborhoods, 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, in 1993, Tilsner Building Limited Partnership, a Minnesota limited partnership (“Borrower”) purchased the subject property at 300 Broadway Street, for the purpose of renting housing units at an affordable rate to artists. The building was in substandard condition, and thereafter Borrower brought building into compliance with public standards, improved the tax base, improved the financial stability of the community, and created affordable housing units; and
WHEREAS, in connection with such purchase and development of the building, the HRA and Borrower executed a Fourth Mortgage Agreement dated March 10,...
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