Title
Approving the First Amendment to Neighborhood STAR Grant and Loan Agreement and Note for a Neighborhood STAR Loan to Wabasha Partners, LLC.
Body
WHEREAS, on April 1, 2023, the City of Saint Paul and Wabasha Partners, LLC executed a Neighborhood STAR Grant and Loan Agreement and Promissory Note Secured by Mortgage, hereinafter referred to collectively as the “Loan Documents”; and
WHEREAS, the Loan Documents were created to secure a $100,000 Neighborhood STAR loan for a capital improvement project at 160 Wabasha Street; and
WHEREAS, the Loan Documents established a 12-year, 2-year deferred payment term with payments anticipated to begin on April 1, 2025 and to occur monthly until March 31, 2035; and
WHEREAS, the business has requested an additional year of deferral on loan payments to account for payments missed during an invoicing error related to a cyber security incident at the City of Saint Paul; and
WHEREAS, the parties have agreed to amend the repayment start date from April 1, 2025 to December 1, 2026, and to amend the Maturity Date of the loan from March 31, 2035 to November 30, 2036; and
WHEREAS, the Office of the City Attorney has drafted and approved the attached First Amendment to Neighborhood STAR Grant and Loan Agreement and Note; now, therefore, be it
RESOLVED by the City Council of the City of Saint Paul, Minnesota, that the amendments to the April 1, 2023 Loan Documents as identified in the attached First Amendment to Neighborhood STAR Grant and Loan Agreement and Note are hereby approved; and be it.
FURTHER RESOLVED, staff of the Department of Planning and Economic Development are further authorized and directed to proceed with all other actions necessary to implement this Resolution, including finalizing all documents and agreements, subject to approval by the City Attorney’s Office; and be it
FURTHER RESOLVED, that the proper City official(s) are hereby approved and authorized to execute any and all documents in connection...
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