Title
Resolution Approving and Authorizing the Assignment and Assumption of an Existing HOME Loan; Extension of Maturity Date of an Existing HOME Loan; Subordination to a New First Mortgage; And Execution of the Loan Documents and Related Documents for the Maryland Park Apartments At 1619 Maryland Avenue East; District 2, Ward 6
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, St. Paul Leased Housing Associates V, Limited Partnership, is the current owner of Maryland Park Apartments (the “Project”) located at 1619 Maryland Avenue East and is affiliated with Dominium; and
WHEREAS, in 2014 via RES 14-627, the HRA issued a deferred loan to St. Paul Leased Housing ...
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