Title
Resolution regarding Lonnie Adkins Court Apartments Project, approving assumption, modification and modification to an existing loan; approving a waiver of the HRA Maximum Developer Fee Guidelines; and approving a partial waiver of the Saint Paul Sustainable Building Policy, Summit-University District 8, Ward 1.
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 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 Minnesota Statute Section 469.002, Subd. 14; and
WHEREAS, St. Paul Leased Housing Associates VII, LLLP (the “Borrower”), intends to purchase and rehabilitate the Lonnie Adkins Courts Apartments (the “Property”), located at 383 Saint Anthony Avenue, and preserve and extend the life of existing affordable rental housing units (acquisition, rehabilitation and long-term operation, collectively the “Project”); and
WHEREAS, the HRA holds a Promissory Note from the existing owner of the Property, collateral being the Property, current principal in the amount of $420,991 (the “Existing Loan”); and
WHEREAS, the Borrower has requested financial assistance from the HRA for the Project, i...
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