Title
Resolution recommending approval of the financing of a $2,363,000 Community Development Block Grant (CDBG) loan and the extension of terms for one existing HRA loan both for the 653 Artist Lofts project at 653 Galtier Street, District 7, Ward 1
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (“HRA”) is a public body corporate and politic organized, existing, and operating under the laws of the State of Minnesota, Minn. Stat. Sec. 469.001, et seq. (the “Act”); and
WHEREAS, the HRA has the power to engage in development and redevelopment activities under the Act, and is authorized to create redevelopment projects as defined in the Act, and said activities include but are not limited to: (a) providing adequate, safe and sanitary dwellings, remedying housing shortages for low and moderate income residents, and providing housing for persons of all incomes through housing projects and development, (b) removing and preventing blight or deterioration, (c) bringing substandard buildings and improvements into compliance with public standards, (d) performing duties according to the comprehensive plan, (e) disposing of land for private redevelopment, and (f) improving the tax base and the financial stability of the community; and
WHEREAS, the 653 Artist Lofts (“Project”) is owned by Brandt Jens Kluge Limited Partnership of which TCHDC BJK, LLC (“TCHDC” or “Developer”) is the Managing General Partner and Artspace Frogtown, LLC is a General Partner; and
WHEREAS, the building is comprised of 36 units, and is home to low-income individuals; and
WHEREAS, the Developer plans to make capital repairs to the building including tuckpointing of the brick exterior, replacing windows, site lighting, and retaining wall and concrete work; and
WHEREAS, the Project is at the end of its 30-year Low Income Housing Tax Credit (LIHTC) affordability period as of December 2022; and
WHEREAS, the Developer plans to refinance a Family Housing F...
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