Title
Resolution Approving Transfer of Ownership, and Execution of Assignment and Assumption of Existing HRA Financing Including Extension of Maturity Dates and Re-Subordination for Superior Street Cottages, District 9, Ward 2
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") is a public body corporate and politic established pursuant to the provisions of Minnesota Statutes, Section 469.001, et seq. (the “Act”); and
WHEREAS, the HRA has the power to engage in development or redevelopment activities under Minnesota law and the HRA is authorized to engage in activities relating to (a) housing projects and development, (b) removal and prevention of the spread of conditions of blight or deterioration, (c) bringing substandard buildings and improvements into compliance with public standards, (d) disposition of land for private redevelopment, and (e) improving the tax base and the financial stability of the community, and to engage in the aforementioned activities when these needs cannot be met through reliance solely upon private initiative and which can also be undertaken in targeted neighborhoods; and is authorized to create redevelopment projects as defined in Minn Stat Section 469.002, Subd. 14; and
WHEREAS, the City of Saint Paul (“City”) is a home rule charter city under the laws of the State of Minnesota; and
WHEREAS, Superior Street Cottages is a 23 unit senior rental townhome development (“Project”) that was constructed in 1999 by a partnership of Lyngblomsten and Fort Road Federation (“Developer/Assignor”) and financed by five separate HRA and City sources of funds, namely: an HRA 501(c)(3) housing revenue bond (the “Bond”), HRA tax increment financing, HRA HOME funds of $753,000 and HRA UDAG funds of $246,000 (collectively, but excluding the Bond, “HRA Financing”); and City STAR funds of $400,000 (“City Financing”); and
WHEREAS, Developer/Assignor has continuously operated the Project ...
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