Title
Resolution Approving and Authorizing an HRA Loan to the St. Paul Saints Baseball Club, Inc. to Assist in the Financing of the Regional Ballpark, District 17, Ward 2
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, the Port Authority of the City of Saint Paul (“Port Authority”) will issue Taxable Limited Tax-Supported Ballpark Revenue Bonds (“Bonds”) in connection with the construction, financing and operation of a new 7,000 seat municipal regional ballpark in Lowertown (“Ballpark”); and
WHEREAS, the City of Saint Paul (“City”) will execute a Development Agreement and Ballpark Use Agreement with the St. Paul Saints Baseball Club, Inc. (“Saints”) to operate the Ballpark and pay rent to the City; and
WHEREAS, the Saints rent payments under the Ballpark Use Agreement will be used to pay debt service on the Bonds, and as additional security for the repayment of the Bonds the City has requested the HRA to make a loan to the Saints...
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