Title
Authorization to Release the 4(d) Affordable Housing Incentive Program Covenant on 1048 Central Ave W.
Body
WHEREAS, the Saint Paul City Council, through Resolution 17-2064, directed staff from the Planning and Economic Development department (“PED”) of the City of Saint Paul to research and work with housing partners on strategies to further fair housing goals, such as a tax policy to provide property tax reductions for eligible rental property owners; and
WHEREAS, Minnesota Statute Section 273.128 provides that low-income rental properties may qualify for a class-rate reduction in property taxes through terms of financial assistance provided by a local unit of government; and
WHEREAS, the HRA Board of Commissioners, through Resolutions 19-273, 19-2132, 20-1490, 21-1623, 22-1595, and 23-1472 approved the annual Guidelines of the 4d Affordable Housing Incentive Program for program years 2019-2024; and
WHEREAS, staff has developed the 4d Affordable Housing Incentive Program Guidelines to establish baseline considerations and guidance for implementation of the 4d Program, including recording a Declaration of Restrictive Covenants on enrolled properties; and,
WHEREAS, Lang Lang Properties LLC owns 1048 Central Ave W, located in Saint Paul and enrolled in 4d Program in 2021; and,
WHEREAS, Xavier Properties, LLC entered a purchase agreement with Lang Lang Properties LLC to purchase 1048 Central Ave W; and
WHEREAS, Xavier Properties, LLC needs free and clear title to buy and use the land on 1048 Central Ave W to expand their educational facilities;
NOW, THEREFORE, BE IT RESOLVED by the Saint Paul City Council that:
1. The Saint Paul City Council hereby approve the removal of the 4d Affordable Housing Incentive Program’s Declaration of Restrictive Covenant on 1048 Central Ave W.
2. The Interim Director of the Department of Planning and Economic Development, staff, and legal counsel are further directed...
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