Title
Resolution Approving and Authorizing Execution of First Amendment to Development and Loan Agreement, Promissory Note, and Combination Mortgage, Security Agreement and Fixture Financing Statement with West 7th/Fort Road Federation, Inc., District 9, 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, on April 5, 2011 the HRA and the West 7th/Fort Road Federation, Inc., (the “Borrower”) executed the following documents: (i) a Development and Loan and Agreement with respect to that portion of the Schmidt Brewery site (“Property”) on West 7th Street in Saint Paul, Minnesota as described in said agreement (“Development Agreement”); (ii) a promissory note in the sum of $1,895,715.00 (“Note”); and (iii) a combination mortgage, security agreement, and fixture financing statement (“Mortgage”); (collectively the Note, Mortgage and Development Agreement are referred to as the “Loan Documents”); and
WHEREAS, the Borrower has requested an additional period of one year to...
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