Title
Resolution Approving and Authorizing an Amended HOME Loan Agreement for the Prior Crossing Housing Development Located at 1949 University West, Ward 4, District 11
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 February 11, 2015, the HRA approved funding of up to $550,000 in HOME funds for the construction of the Prior Crossing development project that is more fully described in the staff report accompanying this Resolution (the “Project”), in the form of a 0%, deferred loan at a term of 30 years, to be extended to Prior Crossing Housing, LP (the “Developer”);
WHEREAS, the HRA entered into a conforming HOME Repayment Loan Agreement and associated documents with the Developer on or about August 31, 2015; and
WHEREAS, the Developer has requested an additional $1,000 in financing from the HRA; and
WHEREAS, the HRA Board finds there is proper public purpose for providing the requested additional $1,000 in HOME fund financing (“HOME funds”) to the Developer for the Project, for a total of $551,000 in HOME fund financing for the Project; and
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, that:
1. The HRA Board hereby approves the additional $1,000 HOME funds under the same terms and conditions as the initial $550,000 for the Project, and the HRA Chair or Commissioner, HRA Executive Director and Director, Office of Financial Services are hereby authorized and directed to execute all loan documents on behalf of the HRA. The Executive Director of the HRA is hereby authorized and directed to negotiate and agree to the terms of the loan documents needed to effectuate this Resolution provided that such documents are acceptable in form and substance to the Saint Paul City Attorney.
2. The HRA staff and legal counsel for the HRA are further directed and authorized to take all actions necessary to implement this Resolution and the HRA’s Executive Director is authorized to execute any documents and instruments in connection therewith.