Title
Resolution Approving and Authorizing Execution of a Third Amendment to Loan Agreement with D & N, Inc., dba Mai Village Restaurant located at 394 University Avenue, District 8
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, in April 2003 the HRA and Western Bank provided financing to D & N, Inc., (“Borrower”) to acquire and construct the Mai Village Restaurant at 394 University Avenue (the “Project”); and
WHEREAS, the HRA’s loan was in the amount of $400,000 (“Loan”) and was evidenced by a promissory note, mortgage, assignment of rents and leases, fixture financing statement, security agreement and loan agreement executed by Borrower (“Loan Documents”); and
WHEREAS, in 2008 the HRA approved a seven month deferral of Loan repayments from May to December, 2008 and a First Amendment to Loan Documents; and Loan payments were made by Borrower to the HRA from January 2009 through March 2010; and
WHEREAS, on March 24, 2010 the HRA approved a Second Amendment to Loan Document...
Click here for full text