Title
Resolution recommending the authorization and approval of the financing of a $1,260,214 Community Development Block Grant (CDBG) Loan and $439,786 Community Development Block Grant Covid (CDBG-CV) Loan, and recommending authorization and approval of the execution of a Development Agreement and CDBG and CDBG-CV Loan Agreement for the Keystone Community Food Center project at 1790-1800 University Avenue W, District 13, Ward 4
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) is a public body corporate and politic established pursuant to the provisions of the Minnesota Statutes, Section 469.001, et seq. (the “Act”); and
WHEREAS, the HRA has the power to engage in development or redevelopment activities under Chapter 469 of the Minnesota Statutes, Housing and Redevelopment Act (“act”) and by authority of said Act engages in activities relating to: a) housing projects and development; b) removal and prevention of the spread of conditions of blight or deteriorations; c) bringing substandard buildings and improvements into compliance with public standards; d) disposition of land for private development, and e) improving the tax base and 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 neighborhoods; and
WHEREAS, Keystone Community Services acquired two buildings located at 1790 and 1800 University Avenue W for the purpose of redeveloping them into a consolidated, transit-accessible food center (the “Project”); and
WHEREAS, the Project will create greater efficiencies and increase service to the community and in particular to low- and moderate- income persons; and
WHEREAS, on October 20, 2021 City Council approved the transfer of $902,255 in CDBG-CV award funds via RES 21-1438 for the Project; and
WHEREAS, Keystone has requested additional financial a...
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