Title
Resolution Approving Issuance of Satisfaction of Mortgage on Forgivable Loan with Hazel Park Heights, LLC, Greater East Side District 2
Body
WHEREAS, the White Bear Avenue Small Area Plan was adopted by the City Council on July 5, 2001 and made part of the City's Comprehensive plan stating that the transit corridors should encourage development that increases density, minimizes surface parking, makes a statement in building quality, provides other life-style housing opportunities that are not available in the neighborhood and provides for mixed income units; and
WHEREAS, the City of Saint Paul approved STAR funding for the acquisition and redevelopment of property at the SW corner of Maryland and White Bear for housing development, HRA approved a loan of $175,000 to continue the assembly of said site and this property was identified in the Housing 5000 Plan as one of the transit corridor sites to be developed in an attempt to increase housing density on transit corridor and offer neighborhoods other housing options without destroying the single family characteristics of a neighborhood; and
WHEREAS, NENDC proceeded to develop architectural drawings, enter into marketing contract to secure pre-sales, of which nine have been secured, to move the development forward and worked with Anchor Bank to secure interim construction financing; and
WHEREAS, in order to move forward with this development NENDC requested financing assistance both in the form of subsidy assistance for the extra costs associated with smaller transit corridor development and a guaranty covering the pre-sales of the remaining four units to make the 50% pre-sale requirement so that construction could move forward; and
WHEREAS, NENDC formed a limited liability company with Zeman Construction Company to move forward and develop the Hazel Park Heights Condominiums; and
WHERAS, on September 28, 2005, by Resolution 05-09/28-05 HRA authorized the execution of a Development Agr...
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