Title
Resolution recommending approval by City Council of an American Rescue Plan Act (SLFRF) loan in the amount of $4,900,000; and recommending approval by City Council of a Metropolitan Council Livable Communities Demonstration Account loan in the amount of $575,000, all to develop a multi-family housing project at 2260 Bohland Avenue, District 15, Ward 3
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 City of Saint Paul issued a 30% AMI Deeply Affordable Housing Program - Fall 2022 Request for Proposals; and
WHEREAS, Common Bond or its affiliated entity, CB Ford Site II Limited Partnership, a Minnesota limited partnership (the “Developer”), submitted a proposal to construct an approximately 60-unit multifamily rental housing development and functionally related facilities (the “Proposal”) at 2260 Bohland Avenue, Saint Paul, Minnesota.
WHEREAS, the Developer has requested financing of $4,900,000 in American Rescue Plan Act funding from the Coronavirus State and Lo...
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