Title
Resolution Approving and Authorizing Charge Off Of A $650,000 Loan To Farmers Market Lofts, LLC
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "Authority") is a public body corporate and politic established pursuant to the provisions of Minnesota Statutes, Section 469.001 et seq (the "HRA Act"); and
WHEREAS, the Authority has the power to engage in development or redevelopment activities under Minnesota law and the HRA Act and the Authority 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 communities; and is authorized to create redevelopment projects as defined in Minn Stat Section 469.002, Subd. 14; and
WHEREAS, the Authority staff report recommends a charge off of a loan in the original principal amount of $650,000 made to Farmers Market Lofts, LLC by the Authority ("Loan") for the reasons stated in the report; and
WHEREAS, the Authority's Board of Commissioners accepts and agrees with the recommendation to charge off the Loan.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, as follows:
Section 1. The Authority hereby approves the charge off of the Loan in the amount of all outstanding principal and interest owing under the Loan because the Loan is uncollectible and the charge off is in conformity with generally accepted accounting procedures for loans that have defaulted and are uncollectible.
...
Click here for full text