Title
Resolution Approving the Subordination and Modification of an HRA Loan in the Original Amount of $750,000 and Authorizing the Execution of Documents in Connection with the Gateway Village Project (aka River Crossing Project), District 15, Ward 3
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota ("HRA") is a public body corporate and politic established pursuant to the provisions of Minnesota Statutes, Section 469.001 et seq (the "HRA Act"); and
WHEREAS, the HRA has the power to engage in development or redevelopment activities under Chapter 469 of the Minnesota Statutes, Housing and Redevelopment Act ("Act") and by authority of said Act engages in activities relating to: a) housing projects and development; b) removal and prevention of the spread of conditions of blight or deteriorations; c) bringing substandard buildings and improvements into compliance with public standards; d) disposition of land for private development; 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
WHEREAS, on June 11, 2003, the HRA executed a Development Agreement with Stonebridge Development and Acquisition, LLC which provided a loan to the Borrower in the original principal amount of Seven Hundred Fifty Thousand and no/100ths ($750,000.00) (the "HRA Loan"), as evidenced by that certain Promissory Note dated as of November 1, 2003 ("HRA Note"), which is secured by that certain Combination Mortgage, Assignment of Rents and Leases, Fixture Financing Statement and Security Agreement from Borrower to the HRA, dated as of November 18, 2003 and recorded on November 21, 2003 in the office of the County Recorder for Ramsey County, Minnesota as Document No. 3703675 and in the office of the Registrar of Title f...
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