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File #: RES 16-433    Version: 1
Type: Resolution Status: Passed
In control: City Council
Final action: 3/9/2016
Title: Approving transfer of ownership, and execution of assignment and assumption of existing City financing, Including extension of maturity dates and re-subordination, for Superior Street Cottages (District 9, Ward 2).
Sponsors: Rebecca Noecker
Title
Approving transfer of ownership, and execution of assignment and assumption of existing City financing, Including extension of maturity dates and re-subordination, for Superior Street Cottages (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 City of Saint Paul (“City”) is a home rule charter city under the laws of the State of Minnesota; and

WHEREAS, Superior Street Cottages is a 23 unit senior rental townhome development (“Project”) that was constructed in 1999 by a partnership of Lyngblomsten and Fort Road Federation (“Developer/Assignor”) and financed by five separate HRA and City sources of funds, namely: HRA 501(c)(3) bonds, HRA tax increment financing, HRA HOME funds of $753,000 and HRA UDAG funds of $246,000 (collectively “HRA Financing”); and City STAR funds of $400,000 (“City Financing”); and

WHEREAS, Developer/Assignor has continuously operated the Project since 1999 with income and age restrictions; and

WHEREAS, Developer/Assignor desires to sell the Project to Next 7th Properties, LLC (“Buyer/Assignee”) that is owned by Shawn Devine, and Developer has requested that the HRA and City approve the sale and transfer of ownership of the Project and the execution of an assignment, assumption and amendment (“Assignment”) of the HRA Financing and City Financing to Buyer/Assignee, an experienced owner and operator of housing units in the Metropolitan area, and

WHEREAS, staff recommends to the HRA Board and to the Saint Paul City Council approval of the Assignment on the terms and conditions, which includes extensions of maturity dates and affordability and age restrictions, reissuing of th...

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