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Authorizing a loan and 2023 budget amendment for the Port Authority’s “The Heights” project (District 2, Ward 6).
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WHEREAS, the City of Saint Paul (“the City”) formerly owned the Hillcrest Golf Course (“The Heights”); and
WHEREAS, The Land Use Chapter of the 2040 Saint Paul Comprehensive Plan (hereinafter, “2040 Plan”) identifies the former Hillcrest Golf Course site as an “opportunity site” which, under the 2040 Plan, are sites guided for redevelopment with “higher-density mixed-use development” or “employment centers with increased full-time living wage job intensity”
WHEREAS, after a public hearing, planning commission resolution, neighborhood planning committee memo, and collaborative conversations, the city council adopted the master plan for the development of the Heights at the former Hillcrest Golf Course site on June 1, 2022 under RES PH 22-128; and
WHEREAS, the owner of the Heights, the Saint Paul Port Authority, will utilize its existing financing sources to redevelop the site before requesting any line of credit draws from the City, which existing sources include: $11,000,000 in State Bonding, $750,000 from the Met Council, $800,000 from Ramsey County, $2,031,405 from DEED, and $1,250,000 from the EPA; and
WHEREAS, the City, upon finding a public purpose, wishes to make an interfund line-of-credit loan to the Port Authority to assist with project cash flows for the installation of public infrastructure and other related development expenses as a last resort funding source, which loan funds are to be secured by the Port Authority’s lot sale proceeds and other security, and repayment of the loan shall be made from lot sale proceeds; and
WHEREAS, pursuant to Sections 1.03, 10.07.1, and 10.07.4 of the City Charter, Section 469.192 of Minnesota Statutes, and Chapter 376, Article 4 (subd. 1) of Special Legislation of 1992 (among other authority), the City has the authority to enter into such loan agreement with the Port Authority ...
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