Title
Resolution Approving and Authorizing the Assignment, Assumption, Modification and Subordination of an Existing HRA Loan in the Amount of $600,000 and a new CDBG Loan in the Amount of $250,000.00 for St. Albans Park Project, District 8, 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, in 1994 the HRA made a deferred loan in the amount of $600,000 (“1994 Loan”) to Selby-Dale Cooperative Apartments, the owner of a 74 unit low-income housing project located at 627 Selby Avenue, Saint Paul (“Property”) for purposes of rehabilitation of the Property, and there remains outstanding on the 1994 Loan as of May 1, 2013 the sum of $1,183,333.00 (consisting of principal and interest); and
WHEREAS, St. Albans Park II Limited Liability Limited Partnership (“Developer”), of whom Twin Cities Housing Development Corporation is a member, is proposing to acquire and further rehabilitate the Property (“2013 Project”), as more fully described in the staff ...
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