Title
Resolution Approving the Assignment, Assumption, Modification and Subordination of a CDBG Loan in the Amount of $240,000.00 and a CDBG Loan in the Amount of $150,000.00, and Authorizing the Execution of Various Documents in Connection with the St. Philip’s Gardens Project, District 8
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (“HRA”) has duly adopted and there is now in effect a City-Wide Comprehensive Plan/Redevelopment Plan for the acquisition, rehabilitation and resale of properties;
WHEREAS, the HRA recognizes the problems created by deteriorated and blighting buildings, inappropriate land use and vacant/under utilized land in the City’s neighborhoods, and also recognizes the need to take the initiative to address these issues by providing housing opportunities in a wide range of economic diversity and add to the City’s affordable housing inventory; and
WHEREAS, the HRA has the power to engage in development or redevelopment activities under Chapter 469 of the Minnesota Statutes, Housing and Redevelopment Act (“Act”) and by authority of said Act engages in activities relating to: 1) housing projects and development; 2) removal of prevention of the spread of conditions of blight or deteriorations; 3) bringing substandard buildings and improvements into compliance with public standards; 4) disposition of land for private development; and 5) improving the tax base and the financial stability of the community; and engages in the aforementioned activities when redevelopment or development needs cannot be met through reliance solely upon private initiative, and may engage in said activities in targeted communities; and
WHEREAS, on May 4, 1999, St. Philip’s Gardens, Inc. (“Seller”), owner of the St. Philip’s Gardens apartments located at 754 Concordia Avenue (the “Project”) in the City of Saint Paul, received a HRA loan using CDBG funds in the amount of $240,00.00 with two percent (2%) interest with def...
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