Title
Resolution Approving the Partial Loan Forgiveness of up to $1,255,384 in Combined Principal and Interest on Three (3) Housing and Redevelopment Authority Loans to the Commerce Building Phase I and Commerce Building Phase II Projects, 10 4th Street East, District 17, Ward 2
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 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; and
WHEREAS, the Commerce Building Phase I and Commerce Building Phase II together are a 100-unit affordable, mixed-use development at 10 4th Street East (the “Project”).? The Project was converted from office to housing from 2007 to 2011 by CommonBond Communities (CBC) to provide affordable housing for Saint Paul residents at 30-60% area median income (AMI); and
WHEREAS, the HRA loaned the Project $1,434,024 of Community Development Block Grant (CDBG) funds with a 1% interest rate, fully deferred, with a maturity date of December 31, 2037, in a subordinate lien position; and
WHEREAS, the HRA loaned the Project $563,100 of Metropolitan Council funds with a...
Click here for full text