Title
Resolution Approving Loan Modifications for the Model Cities BROWNstone Commercial Project, Located at 837 University Avenue West, Including a Loan Amendment with the Saint Paul and Minnesota Foundation, District 7, Ward 1
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 2016 the City of Saint Paul and the HRA provided acquisition and construction financing for the Model Cities BROWNstone building (the “BROWNstone”) at 837 / 839 University Avenue West, a four-story mixed-use building with 35 units of affordable rental housing units affordable to households earning 50% to 60% Area Median Income (AMI) and with 20,580 square feet of commercial/retail space;
WHEREAS, on April 13, 2016, the HRA Board adopted RES 16-652 authorizing an overall financing?plan for the BROWNstone, including the execution of a Development Agreement and Loan Documents to advance the commercial portion of the BROWNstone (the “Commercial Project”); and
WHEREAS, in 2003, the HRA ...
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