Title
Resolution Approving $600,000 in HOME Financing for the Maryland Park Apartments Project and Authorizing the Execution of Loan Documents, Greater East Side, Ward 6, District 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.; and
WHEREAS, the HRA has the power to engage in development or redevelopment activities under Minnesota law; 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, 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 Minnesota Statutes section 469.002, subd. 14; and
WHEREAS, St. Paul Leased Housing Associates V, Limited Partnership (the “Borrower”), is asking the HRA to provide up to $600,000 in HOME financing to assist in the acquisition and rehabilitation of the Maryland Park Apartments (the "Project"), located at 1619 Maryland Avenue East, by the Borrower and St. Paul Leased Housing Associates V, LLC (the “Developer”); and
WHEREAS, the HRA Board determines that there is proper public purpose to assist with Project financing by allocating HOME funds of up to $600,000 for the Project in accordance with the terms described in the attached board report,
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, that:
1. The HRA Board hereby approves a loan of up to $600,000 in HOME funds to the ...
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