Title
Authorizing the execution of a guaranty to support loan payment in connection with the refinancing of the Bioscience Incubator Facility located at 1000 Westgate Drive (University Enterprise Laboratory Project).
Body
WHEREAS, in September 1981, the City of Saint Paul (the "City") adopted a citywide redevelopment program that addressed economic development efforts to increase the City's tax base, increase the number of available jobs, improve the opportunities and climate for business ventures and the reestablishment of the City's downtown as a regional center of employment, shopping, investment and housing (the "1981 Development Program"); and
WHEREAS, in October 2003, the City specifically approved efforts to develop jobs and tax base, cooperation with the State of Minnesota and other partners, through a bioscience program, and made application to the State for the creation of a Saint Paul Bioscience Zone, which includes the Development Property described below (the "Bioscience Program"); and
WHEREAS, both individually and collectively the 1981 Development Program and the Bioscience Program constitute citywide economic development programs; and
WHEREAS, pursuant to Minnesota Laws 1992, Chapter 376, Article 4 (the "Special Law"), and in connection with the implementation of citywide development plans, as described in the 1981 Development Program and the Bioscience Program, the City was given broad economic development powers, including the power to execute the Prior Guaranty described below and the Proposed Guaranty described below; and
WHEREAS, pursuant to the 1981 Development Program and the Bioscience Program, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA"), acquired an approximately 126,000 square foot building located at 1000 Westgate in the City, and the site thereof (the land and building referred to as the "Development Property"); and
WHEREAS, in connection with the Development Property, the HRA a...
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