Title
Approving the use of Neighborhood STAR Year-round program funds including business subsidy requirements for renovations to the Highland and Grandview Theaters.
Body
WHEREAS, on September 10, 2014, the Neighborhood STAR Board reviewed a proposal for STAR financing through the Neighborhood STAR Year-Round Program to assist Grandview Limited Partnership, LLLP with repair and renovation costs associated with the two remaining neighborhood movie theaters in Saint Paul; and
WHEREAS, this project will improve both the Highland and Grandview movie theaters with roof repairs, updated plumbing and new theater seats, drapes, carpeting and counters; and
WHEREAS, the Neighborhood STAR Board rated this project a 4.8 on a scale from 1 (low) to 5 (high); and
WHEREAS, it is the intent of the Mayor and the Saint Paul City Council to participate in the financing of these activities by providing a forgivable loan up to $166,250 through the Ward 2 and Ward 3 Neighborhood STAR Year-Round Programs; and
WHEREAS, the loan principal together with accrued interest will be forgiven in the event both the Grandview Theater and Highland Theater remain open and operating as commercial movie theaters for a period of at least 8.5 years from the first loan disbursement; and
WHEREAS, alternatively, the loan principal together with accrued interest will be forgiven upon a final, non-appealable determination that the interior or exterior of both theaters are designated for preservation and protection under Chapter 73 of the City's Legislative Code; and
WHEREAS, alternatively, the loan principal together with accrued interest will be forgiven in the event a newly constructed movie theater exhibiting first run motion pictures with a capacity of at least 500 seats opens for business within the City of Saint Paul limits; and
WHEREAS, as this proposal is of substantial community significance, a waiver of the STAR Guideline requiring 50% of the total STAR dollars awarded to a for-...
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