Title
Approval of Budget Amendment to Transfer Funds for Central Corridor Ready for Rail Small Business Loan Program.
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 Statute Section 469.002, Subd. 14; and
WHEREAS, by HRA Resolution No. 11-58 adopted on January 12, 2011 the HRA Board approved a Joint Powers Agreement ("JPA") with the Metropolitan Council ("Met Council") in connection with the Ready for Rail Program ("R4R Program") that provides funding incentives for small businesses to plan and prepare for potential business disruptions caused by the construction of the Central Corridor Light Rail Transit Project; and
WHEREAS, by HRA Resolution No. 11-1047 adopted on June 8, 2011, the HRA Board approved an amendment to the JPA ("JPA Amendment") to evidence the Met Council's contribution of an additional $2,500,000 to the R4R Program, and in the HRA staff report to the HRA Board in connection with this JPA Amendment it was stated that it was anticipated that the City Council...
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