Title
Resolution Approving and Authorizing Execution of Agreement for Transfer of Debt in Connection with Phase V of Ames Lake Development, District 2, Ward 6.
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, as more fully described in the staff report accompanying this Resolution, the HRA made several deferred CDBG loans (“HRA Loans”) from 2003-2006 for Phases I, II, III and IV of the Ames Lake Development project (“Project”), and the City of Saint Paul made a $500,000 STAR loan; and
WHEREAS, Real Estate Equities Capital, LLC (“Developer”) who has continuously been the general partner of the four affiliated entities who own the four phases of the Project, and who has managed the Project since 2006 is now considering the purchase of four (4) additional buildings located at 1178 Barclay and 1495-1511 Rose consisting of 48 units (“New Rose Apartments”) which will become Phase V of the Project; and
WHEREAS, as part of its consideration of purchasing and operat...
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