Title
Approving a business subsidy, in the form of a forgivable loan from the Commercial Vitality Zone Program, to M.E.K. Properties Limited Partnership (MEK Properties) for the construction of a new parking lot at 1641-1675 Rice Street & 160-166 Larpenteur Avenue (District 6, Ward 5).
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WHEREAS, the City Council of Saint Paul, Minnesota is a public body corporate and politic established pursuant to the provisions of Minnesota Statutes, Section 469.001, et seq. (the “Act”); and
WHEREAS, the City Council has the power to engage in development or redevelopment activities under Minnesota law and the HRA is authorized to engage in activities relating to (a) housing projects and development, (b) removal and prevention of the spread of conditions of blight or deterioration, (c) bringing substandard buildings and improvements into compliance with public standards, (d) disposition of land for private redevelopment, and (e) improving the tax base and the financial stability of the community, and to engage in the aforementioned activities when these needs cannot be met through reliance solely upon private initiative and which can also be undertaken in targeted neighborhoods; and is authorized to create redevelopment projects as defined in Minn Stat Section 469.002, Subd. 14; and
WHEREAS, the Commercial Vitality Zone Program ("CVZ Program") is an economic development program funded by an annual sales tax revenue account from the City of Saint Paul's ½ cent local sales tax, known as Sales Tax Revitalization or “STAR”; and
WHEREAS, the purpose of the CVZ Program is to utilize this annual funding to provide a nimble, flexible approach to investments in neighborhood commercial corridor districts that have assets with potential organizations with capacity and community-developed plans in place, and that promote increased commercial vitality throughout the city; and
WHEREAS, the criteria of the CVZ Program is to invest in catalytic zones where other investments can be ...
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