Title
Authorizing a loan up to $120,000 from the HRA Business Assistance fund to Upsie, 370 Wabasha St N., District 17, Ward 2
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, UPSIE, a start-up technology company offering consumer warranties, (“UPSIE”) requested a loan in the amount of $120,000 from the HRA Business Assistance Fund to be used for build-out of office space and tenant improvements, and the purchase of furniture and equipment related to the relocation of UPSIE Headquarters from Minneapolis, MN to 370 Wabasha St N., Saint Paul, Minnesota (the “Project”); and
WHEREAS, HRA staff prepared and presented a staff report and a summary of loan terms, both of which accompany this Resolution and are incorporated herein by reference, regarding the financing of the Project; and
WHEREAS, HRA staff recommends HRA approval of a loan in the amount of $120,000 to UPSIE from the HRA Business Assistance Fund (the “Loan”) consistent with that attached staff report and loan terms...
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