Title
Approving and Authorizing the Spending Plan TIF Loan Extension for the 652 Sherburne Project, District 7, Ward 1
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (“HRA”) is a public body corporate and politic organized, existing, and operating under the laws of the State of Minnesota, Minn. Stat. Sec. 469.001, et seq. (the “Act”); and
WHEREAS, the HRA has the power to engage in development and redevelopment activities under the Act, and is authorized to create redevelopment projects as defined in the Act; and
WHEREAS, said activities include but are not limited to: (a) providing adequate, safe and sanitary dwellings, remedying housing shortages for low and moderate income residents, and providing housing for persons of all incomes through housing projects and development, (b) removing and preventing blight or deterioration, (c) bringing substandard buildings and improvements into compliance with public standards, (d) performing duties according to the comprehensive plan, (e) disposing of land for private redevelopment, and (f) improving the tax base and the financial stability of the community, (g) engaging in the aforementioned activities, with a focus on targeted neighborhoods, when these needs cannot be met through reliance solely upon private initiative; and
WHEREAS, the HRA is authorized to create redevelopment projects as defined in Minnesota Statutes, Section 469.002, Subdivision 14; and
WHEREAS, Model Cities of St. Paul, Inc. (the “Developer”)is the developer of 652 Sherburne (the “Project”) in partnership with The Rondo Community Land Trust; and
WHEREAS, in 2024 the HRA issued a forgivable Spending Plan TIF loan (the “Loan”) to the Developer and The Rondo Community Land Trust, in the amount of $386,279 for the rehabilitation of the property located at 652 Sherburne Avenue into six (6) units of deeply affordable rental-to-ownership housing (the “Project”); and
WHEREAS, the Loan is forgiva...
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