Title
Approval of the Extension of the Maturity Date for Two American House / 352 Wacouta LLC. HOME Loans, District 17, Ward 2
Body
WHEREAS, in 1997, 2000 and 2002 the Amherst H. Wilder Foundation (“Wilder”) entered into loan agreements with the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (“HRA”) for $325,000, $100,000, and $250,000 respectively, in HOME funds pursuant to certain loan agreements and related collateral agreements (collectively referred as the “American House Agreements”) for the acquisition and renovation of a 70-unit Single Room Occupancy building located at 352 Wacouta Street (“American House”); and
WHEREAS, the $325,000 loan awarded in 1997 was, with HRA consent, assigned by Wilder and assumed by 352 Wacouta, LLC in 2010 with a balance of $162,500 (“HOME Loan No. 1”); and
WHEREAS, the $100,000 loan awarded in 2000 was, with HRA consent, assigned by Wilder and assumed by 352 Wacouta, LLC in 2010 with a balance of $50,000 (“HOME Loan No. 2”); and
WHEREAS, the $250,000 loan awarded in 2002 was, with HRA consent, assigned by Wilder and assumed by 352 Wacouta, LLC in 2010 (“HOME Loan No. 3”) with a maturity date of November 7, 2032; and
WHEREAS, on March 24, 2010, the HRA by Resolution No. 10-03/24-7 approved the extension of the maturity date for HOME Loan No. 1 and HOME Loan No. 2 until December 22, 2017; and
WHEREAS, American House will remain affordable at least until November 2032 pursuant to the Declaration of Covenants, Conditions and Restrictions attached to the HOME Loan No. 3; and
WHEREAS, for the foregoing reasons, the HRA Board finds there is proper public purpose for authorizing the extension of the maturity date of HOME Loan No. 1 and HOME Loan No. 2 until November 7, 2032, to be coterminous with HOME Loan No. 3,
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota as follows:
1. ...
Click here for full text