Title
Resolution Approving and Authorizing the Sale and Conveyance of 234-238 Bates Avenue, Saint Paul, MN to St. Paul Euclid, LLC; Financing of $750,000, and Authorization to Enter Into a Development Agreement, District 4, Ward 7
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 Minnesota Statutes, Section 469.001, et seq. (the “Act”); and
WHEREAS, the HRA has the power to engage in development or redevelopment activities under Minnesota law and the HRA 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 neighborhoods; and is authorized to create redevelopment projects as defined in Minn Stat Section 469.002, Subd. 14; and
WHEREAS, the HRA acquired a vacant property located at 234-238 Bates Avenue, St. Paul, Mn in 2011 (the “Property”) and the Property has remained vacant since this acquisition; and
WHEREAS, the HRA proposes to sell and convey the Property to St. Paul Euclid, LLC (“Developer”) under a development agreement (“Development Agreement”) for the rehabilitation and use of this Property as an affordable 12 unit housing rental property on the terms and conditions described in the staff report submitted to the HRA Board with this Resolution (“Proposal”), which Proposal includes limitations on the rents to be charged the tenants; and
WHEREAS, Developer has requested financing of $750,000 which will be used to c...
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