Title
Approving the First Amendment to Promissory Note, Pledge Agreement, Loan Agreement and Grant Agreement for a Neighborhood Star Loan to the Lower Phalen Creek Project, also known as the Wakan Tipi Awanyankapi.
Body
WHEREAS, on July 1, 2023, the City of Saint Paul and the Lower Phalen Creek Project executed a Loan Agreement, Grant Agreement, Pledge Agreement and Promissory Note, hereinafter referred to collectively as the “loan agreements”; and
WHEREAS, the loan agreements were created to secure a $100,000 Neighborhood Star loan for construction of the Wakan Tipi Center; and
WHEREAS, the loan agreements anticipated that construction would star in the summer of 2024, and therefore required repayment on the loan to start in on July 1, 2024; and
WHEREAS, unforeseen delays have pushed anticipated construction of the Wakan Tipi Center to April of 2025; and
WHEREAS, the parties have agreed to amend the repayment start date from July 1, 2024 to April 1, 2025, and to amend the Maturity Date of the loan to March 1, 2032; and
WHEREAS, the Office of the City Attorney has drafted and approved the attached First Amendment to Promissory Note, Pledge Agreement, Loan Agreement and Grant Agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota, as follows:
1. The Saint Paul City Council approves the amendments to the July 1, 2023 loan agreements that are identified in the attached First Amendment to Promissory Note, Pledge Agreement, Loan Agreement and Grant Agreement.
2. The Saint Paul City Council authorizes and directs the Director of Planning and Economic Development (“PED”) and PED staff to take all actions necessary to implement this Resolution and the appropriate City officials to execute all necessary documents in connection herewith, in consultation with the Office of the City Attorney