Title
Resolution approving and authorizing the sale and conveyance of 652 Sherburne Avenue; recommending issuance of a Community Development Block Grant loan in the amount of $949,500; approving issuance of a Tax Increment Financing loan from unobligated increment in the amount of $386,279; approving an HRA budget amendment; and authorization to enter into a development agreement, District 7, Ward 1
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 is the owner of real property located at 652 Sherburne Avenue, St. Paul, Minnesota (“Property”); and
WHEREAS, the Rondo Community Land Trust, a Minnesota nonprofit corporation (“Rondo”), and Model Cities of Saint Paul, Inc., a Minnesota nonprofit corporation (“Model Cities”) propose to complete a project consisting of the substantial rehabilitation of a vacant 8-unit apartment building of approximately 16,000 square feet into an affordable residential housing development with 6 residential units, parking, garden and green ...
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