Title
Approving and Authorizing the CDBG Loan Extension for Ramsey Hill Apartments, District 8, Ward 1?
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, Trellis Co. is the developer of Ramsey Hill Apartments and is affiliated with both Ramsey Hill Limited Partnership (“Ramsey Hill LP”) and Community Housing Development Corporation Ramsey Hill LLC (“CHDC Ramsey Hill”); and
WHEREAS, in 1995 the HRA issued two deferred loans to Ramsey Hill Limited Partnership, in partnership with Brighton Development Corporation, including one in the amount of $688,949 using Community Development Block Grant (CDBG) funds (“CDBG Loan”) and the second loan in the amount of $...
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