Title
Agreeing to Consent as Mortgagee and Subordinate the HRA’s Mortgages to a Maintenance Agreement and Declarations for Parking Lot Improvements and Easements at Skyline Tower Located at 1247 Saint Anthony Avenue, Ward 1, District 13.
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 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 Minnesota Statutes, Section 469.002, Subdivision 14; and
WHEREAS, Common Bond Communities is an experienced affordable housing developer and is the owner of Skyline Tower of St. Paul Limited Partnership ("Developer") and is proposing to make improvements to its housing project known as Skyline Tower located at 1247 St. Anthony Ave, Saint Paul, Minnesota (“Project”); and
WHEREAS, on June 10, 2015 via RES 15-1042, the HRA approved a $750,000 loan in Commu...
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