Title
Resolution Approving the Sale of Land and Conveyance of Parcel 1776 Maryland Avenue East, Unit 307, Hazel Park Heights Condominium Project, Greater East Side District 2
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (HRA), has duly adopted and there is now lawfully in effect in the City of Saint Paul, Minnesota, a City Wide Comprehensive/Redevelopment Plan (Plan) providing for the acquisition, clearance and resale of land for redevelopment and/or properties completed under redevelopment which includes Greater East Side District 2 area within the Plan and the City Consolidated Five-Year Plan; and
WHEREAS, on July 5, 2001, City Council approved the White Bear Avenue Small Area Plan which became part of the City's comprehensive Plan and encouraged housing development on marginal commercial sites along White Bear Avenue; and
WHEREAS, on September 9, 2005, HRA approved by Resolution 05-09/28-05 the development of Hazel Park Condominiums and committed both gap assistance in the amount of $1,190,000 and a $600,000 Guaranty to meet the pre-sale requirements to qualify for private financing and Fannie Mae mortgage underwriting; and
WHEREAS, the Certificate of Occupancy for Hazel Park Heights was issued in 2007, and to date 15 units have been sold; project came on line just as the economy and housing market began to decline and in 2008, in accordance with HRA Guaranty, a payment of $600,000 was made to the Lender, Anchor Bank, for the purchase of five units meeting the pre-sale requirements; and
WHEREAS, since that time, Hazel Park Heights, LLC and HRA have continued to market the properties both as rent-to-own and contract for deed with little success, with many of the buyers that had purchase agreements for units being empty nesters or elderly and had to sell their homes first, with the market limited their ability to do so and many of the sale fell through; and
WHEREAS, the townhouse and condominium m...
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