Title
Approving and authorizing the execution of development agreements and loan/grant agreements for Model Cities Brownstone Residential and Commercial Projects, execution of a business subsidy agreement for the Commercial Project, and execution of documents relating thereto. (District 7, Ward 1)
Body
WHEREAS, the City of Saint Paul (“City”) is a home rule charter city established and existing under the laws of the State of Minnesota; and
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 and HRA have received a proposal from Model Cities of St. Paul, Inc. (“Model Cities”) to provide financing for a multifamily housing facility consisting of 35 affordable rental housing units to be constructed and located at 839-849 University Ave, Saint Paul, MN (“Residential Project”) and approximately 20,415 square feet of commercial/retail space (“Commercial Project”), all as more fully described in the staff report accompanying this Resolution; and
WHEREAS, the staff report submitted to the HRA Board of Commissioners as part of the request for financial assistance made to the HRA, which this Council acknowledges receipt of, details the sources and amounts of City and HRA financing being requested and recommended by staff for the Residential Project and Commercial Project; and
WHEREAS, Model Cities has or will be forming two separate legal entities to construct, own and operate the two projects, those entities being Model Cities Brownstone Limited Partnership for the Residential Project and Model Cities Brownstone Commercial, LLC for the Commercial Project; and
WHEREAS, for the Residential Project, City staff will work with Model Cities Brownstone Limited Partnership to prepare a Development Agreement (that includes the HRA) and a Met Council Loan Agreement ...
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