Title
Resolution (i) Approving and Authorizing Execution of a Purchase Agreement and Related Documents for the Sale of the Lofts at Farmers Market and Related Budget Amendment, and (ii) Providing for the Redemption of Certain Taxable Limited Tax Bonds, Series 2010A (Build America Bonds - Direct Pay) and Taxable Limited Tax Bonds, Series 2010B (The Lofts at Farmers Market Project) of the HRA and Approving Related documents, District 17, 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 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
WHEREAS, the HRA has received proposals to purchase the HRA-owned Lofts at Farmers Market (“Property”), located at 260 5th Street East in Saint Paul, Minnesota; and
WHEREAS, after reviewing the proposals received, staff recommends accepting the proposal of Weidner Investment Services, Inc., or an affiliate thereof (“Buyer”) to purchase the Property (“Proposal”), as described in the staff report submitted to the HRA Board with this resolution and on the terms described in the purchase agreement on file with the HRA (“Purchase Agreement”); and
WHEREAS, the Board of Commissioners of the HRA considered the Pro...
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