Title
Approving issuance of a HOME loan in the amount of $2,600,000; issuance of an SLFRF loan in the amount of $2,547,408; issuance of a sub-loan in the amount of $600,000 from a Metropolitan Council LCDA TOD Grant; and execution of a development, subrecipient and loan agreement and a sub-loan agreement, all for the Marshall Avenue Flats Project located at 1606 Marshall Ave (District 13, Ward 4).
Body
WHEREAS, a proposal was submitted in response to the City’s Request for Proposals for its 30% AMI Deeply Affordable Housing Program - March/April 2022 for Marshall Flats, LLLP, a Minnesota limited partnership or another entity that is affiliated with and controlled by Marshall Flats, LLLP (“Developer”) to construct on property located at 1606 (formerly 1619) Marshall Ave, St. Paul, MN (“Property”) a 6-story multifamily building with 98 affordable residential dwelling units and related facilities (“Project”) with the Developer to maintain 40 years of affordability as follows: 10 units at 30% AMI, 24 units at 50% AMI, and 64 units at 60% AMI (“Affordability Terms”); and
WHEREAS, the proposal was reviewed as part of the formal solicitation process and as a result of the review it was determined that the Project is eligible for SLFRF funding, therefore, the HRA has recommended the proposal and Project and has recommended issuance of the HOME Loan, SLFRF Loan and LCDA Loan all as defined below; and
WHEREAS, the City hereby finds that the Project is in the best interest of the residents of the City and will benefit the health, safety, morals and welfare of the residents of the City; and
WHEREAS, the HRA has recommended issuance of a deferred loan, from the City’s Home Investment Partnership Program funds (“HOME”), with a term of 40 years and an interest rate of 1% in the amount of $2,600,000 for the Project (“HOME Loan”); and
WHEREAS, the City’s HOME funds are to be used to strengthen public-private partnerships and to expand the supply of decent, safe, sanitary...
Click here for full text