Title
Authorizing a loan up to $49,800 from the HRA Business Assistance fund to Abyssinia General Trading dba Erta Ale Ethiopian, 308 Prince St. 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, Erta Ale Ethiopian is a new restaurant located in a previously vacant restaurant located at 308 E Prince St, Saint Paul, Minnesota; and
WHEREAS, Erta Ale Ethiopian requested a loan to support their working capital needs, including the purchase of inventory and equipment, and to hire new employees (the “Project”); and
WHEREAS, Staff reviewed and evaluated Erta Ale Ethiopian’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, Staff recommends approval of a loan in the amount of $49,800 to Abyssinia General Trading dba Erta Ale Ethiopian from the HRA Business Assistance Fund (the “Loan”), consistent with the loan terms articulate...
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