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Recommending the authorization and approval of the purchase of a $150,000 participation interest in the LISC CAT Fund for the acquisition of 964-968 Payne Ave, District 5, Ward 6
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WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”), is a public body corporate and politic established, existing, and operating under the laws of the State of Minnesota pursuant to the provisions of Minnesota Statutes, Section 469.001, et seq. (the “HRA Act”); and
WHEREAS, the HRA is empowered by law, including the HRA Act, to adopt and enforce this Resolution in pursuit of its mandate to engage in appropriate housing, development, and redevelopment projects; to remove or prevent the spread of conditions of blight or deterioration; to bring substandard buildings and improvements into compliance with public standards; to dispose of HRA-owned land for private development; and to improve the tax base and the financial stability of the community; and
WHEREAS, the civil unrest following the murder of George Floyd in May 2020 significantly impacted businesses and properties within the City of Saint Paul; and?
WHEREAS, the HRA previously established a $1,000,000 Civil Uprising Budget in fiscal year 2021 to provide necessary business assistance through RES 20-1681; and?
WHEREAS, a primary goal was to facilitate the transfer of properties in areas affected by the civil unrest to existing businesses, local residents, and community-based owners to foster economic empowerment and strengthen the community, particularly in light of the dual challenges posed by social unrest and the ongoing COVID-19 public health emergency; and?
WHEREAS, the Local Initiatives Support Corporation Twin Cities (LISC) established The Community Asset Transition (“CAT”) Fund to offer adaptable and affordable financial resources specifically for the acquisition of commercial and residential properties within the impacted cultural districts; and?
WHER...
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