Title
Resolution Authorizing and Approving 1) The Sale of HRA Parcel to Covenant Capital, LLC for the Purchase Price of $50,000; 2) Approval of HRA Land Sale Loan of $50,000 to Assist in the Purchase of the Property; 3) Approval of a Development Agreement with Covenant Capital, LLC; 4) Authorizing the Executive Director to Finalize the Loan and Land Sale Documents for Execution by the Appropriate HRA Officials in Connection with the 699 East 7th Street Project, District 4, Ward 7.
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota ("HRA") has duly adopted and there is now in effect a City-Wide Comprehensive Plan/Redevelopment Plan for the acquisition, rehabilitation and resale of properties;
WHEREAS, the HRA through the use of its statutory powers, seeks to address the problems created by deteriorated and blighting buildings, inappropriate land use and vacant/under utilized land in its neighborhoods within the City of Saint Paul; and
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul 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: 1) housing projects and development; 2) removal of prevention of the spread of conditions of blight or deteriorations; 3) bringing substandard buildings and improvements into compliance with public standards; 4) disposition of land for private development; and 5) improving the tax base and the financial stability of the community; and engages in the aforementioned activities when redevelopment or development needs cannot be met through reliance solely upon private initiative, and may engage in said activities in targeted neighborhoods; and
WHEREAS, the City of Saint Paul Police Department conveyed 699 East 7th Street, legally described as follows: Lots 3 and 4 and the northeast...
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