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Authorizing a loan up to $30,000.00 from the HRA Business Assistance Fund to Selby Property Investments LLC, 1675 Selby Avenue, District 13, Ward 4
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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 Minnesota Statutes, Section 469.002, Subdivision 14; and
WHEREAS, Selby Property Investments LLC (“Selby Property Investments”) is a new business entity which purchased a property located at 1675 Selby Avenue and intends to renovate the building; and
WHEREAS, Selby Property Investments requested a loan to pay for certain renovation costs related to its $124,000 renovation project to provide updated space for both commercial tenants on its first floor, updated façade, and some exterior improvements to its storage building (“The Project”); and
WHEREAS, Staff reviewed and evaluated Selby Property Investments request and prepared the Board Report attached to this Resolution, which provides a more detailed summary of the Project and proposed loan terms; and
WHEREAS, Selby Property Investments is a limited liability corporation in good standing in the State of Minnesota; and
WHEREAS, Selby Property Investments is an eligible business because it is a new for-profit business located in the City of Saint Paul, and has been unable to obtain other financing before submi...
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