Title
Authorizing the City to approve an extension of an existing HOME loan for the Kimball Court housing project at 545 Snelling Avenue North. (District 11, Ward 4).
Body
WHEREAS, the Kimball Court project is owned by 545 Snelling LLC, of which Beacon Interfaith Housing Collaborative is the sole member to this entity (“Developer”);
WHEREAS, in May 2009, a HOME loan (“Existing Loan”) in the amount of $501,130.00 was issued to the Amherst H. Wilder Foundation, owner of the Kimball Court project, to provide supportive rental housing for very low-income persons; and,
WHEREAS, in May 2010 the Amherst H. Wilder Foundation sold the Project to the Developer, at which time, the Developer assumed the HOME Loan Repayment Agreement, which has a maturity date of May 13, 2040 and is secured by a real estate mortgage; and
WHEREAS, the Developer requires an extension and revision of terms of the Existing Loan; and,
WHEREAS, under Resolution No. 24-1455 the City Council for the City of Saint Paul is expected to authorize the transfer of $3,350,000 from the ARPA 30% AMI Deeply Affordable Housing holding account to a project-specific account and authorize the City to loan $3,350,000 in ARPA SLFRF funds to Developer to finance a portion of the Project; and
WHEREAS, the HRA recommends that the City extend and revise the terms of the Existing Loan to be consistent with the new APRA SLFRF loan; and,
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Saint Paul does hereby:
1. Authorize the City to extend the term of the existing HOME Loan to be consistent with the new ARPA SLFRF loan.
2. Authorize the appropriate City officials to execute agreements and such other documents necessary to carry out this Resolution.
3. Authorize City staff to take all other actions necessary to carry out this Resolution.
4....
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