Title
Authorizing the amendment of the terms of two Neighborhood STAR loans to Frogtown Entrepreneur Center LLC, and consolidating the two loans into one new Neighborhood STAR loan of $404,175, secured by a first mortgage on 501 Dale Street North (District 7, Ward 1).
Body
WHEREAS, Saint Paul neighborhoods are one of the City’s most important strengths, and the sales tax proceeds represent opportunity to revitalize and invest in our neighborhoods, and
WHEREAS, by resolution of the Saint Paul City Council, “the net sale tax proceeds shall be allocated for capital projects to further residential, cultural, commercial, and economic development and that the intent of the City Council is that the proceeds be used in such a way that they have significant and positive economic impact, and are targeted at such efforts as supporting housing and commercial revitalization initiatives, tax generation throughout the city, and leveraging private investments.” and
WHEREAS, 50% of the proceeds of ½ cent sales tax, along with its corresponding interest earnings, are dedicated to investment in the neighborhoods of Saint Paul; and
WHEREAS, the Saint Paul City Council, on August 7, 1996 by Resolution No 96-891, approved a Neighborhood STAR loan to the Frogtown Entrepreneur Center, LLC (“Frogtown”), whose sole member is the Neighborhood Development Center (“NDC”), in the amount of $86,500 (account #77097) to help Frogtown purchase and renovate property located at 501 Dale Street North, Saint Paul (the “Property”). The Property currently houses an entrepreneur center of local businesses. The security for this loan included a 3rd position Mortgage, a Promissory Note, and seven amendments to the Loan Agreement; and
WHEREAS, the Saint Paul City Council, on August 7, 1996 by Resolution No 96-891 approved a Neighborhood STAR loan to Frogtown in the amount of $154,000 (account #77660) to help Frogtown purchase and renovate the property located at 501 Dale Street North. The ...
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