Title
Resolution recommending the authorization and approval of a subordination of a $2,602,255 Community Development Block Grant (CDBG) / Community Development Block Grant Covid (CDBG-CV) loan to Keystone Community Services, 1790-1800 University Ave W; District 13, Ward 4
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 Minnesota Statutes, Section 469.002, Subdivision 14; and
WHEREAS, Keystone Community Services acquired two buildings located at 1790 and 1800 University Ave W (the “Property”) for the purpose of redeveloping them into a consolidated, transit-accessible food center (the “Project”); and
WHEREAS, the Project will create greater efficiencies and increase service to the community and in particular to low- and moderate- income persons; and
WHEREAS, on October 20, 2021, City Council approved the transfer of $902,255 in CDBG-CV award funds via RES 21-1438 for the Project; and
WHEREAS, on November 9, 2022, the HRA recommended and authorized the approval of financing a $1,260,214 CDBG loan and a $439,786 CDBG-C...
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