Title
Resolution Recommending the Authorization and Approval of an Amended Subordination of the $400,000 CDBG Loan to the Dayton’s Bluff Construction Training Center, 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 Minnesota Statutes, Section 469.002, Subdivision 14; and
WHEREAS, Dayton’s Bluff Construction Training Center acquired the building on the parcel located at 809 7th Street East (the “Property”) for the purpose of redeveloping it into the Construction training Center (the “Project”); and
WHEREAS, the Project provides important resources for people pursuing training construction; and
WHEREAS, on April 5, 2018, the Housing and Redevelopment Authority of the City of Saint Paul and the City of Saint Paul entered an Amended and Restated Loan Agreement (A&R Agreement) with the Dayton’s Bluff Construction Training Center for a $400,000 Community Development Block Grant (CDBG) fund to be used for the acquisition, rehabilitation, and creation of the Construction Training Center at 809 7...
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