Title
Resolution authorizing and approving a $2,159,382 Pooled TIF Loan; and recommending approval by City Council of a Metropolitan Council Livable Communities Act (“LCA”) Local Housing Incentives Account loan in the amount of $1,159,382 and related documents for the Mary Hall project located at 438 Dorothy Place, District 17, Ward 2
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
WHEREAS, Aeon, a Minnesota nonprofit corporation (or an affiliated entity, the “Developer”), has requested $2,159,382 in HRA funding to finance the acquisition and rehabilitation of Mary Hall, a currently vacant building located at 438 Dorothy Day Place, City of Saint Paul, Minnesota; and,
WHEREAS, the proposed project will consist of 88 units of deeply affordable housing that will serve people at or below 30% of Area Median Income (AMI); and,
WHEREAS, the HRA determined Pooled TIF as an appropriate funding source for the project; and,
WHEREAS, under Resolution 24-241, the Saint Paul City Council au...
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