Title
Authorizing a loan up to $75,000 from the HRA Business Assistance Fund to TKP, LLC dba Ruam Mit, 367 Wabasha St N., District 17, Ward 2
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) 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 HRA 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 Minnesota Statutes, Section 469.002, Subdivision 14; and
WHEREAS, TKP, LLC dba Ruam Mit (“Ruam Mit”) is a restaurant that has operated for over 30 years in downtown Saint Paul, and is moving to a previously vacant space located at 367 Wabasha St N, Saint Paul, Minnesota; and
WHEREAS, Ruam Mit requested a loan to support their working capital needs, including the purchase of inventory and payroll for returning and new employees (the “Project”); and
WHEREAS, Staff reviewed and evaluated Ruam Mit’s request and prepared the Board Report attached to this Resolution, which provides a more detailed summary of the Project and proposed loan terms; and
WHEREAS, Ruam Mit is an eligible business because it is a for-profit business located in the City of Saint Paul, and has been unable to obtain other financing before submitting an app...
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