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File #: RES 16-969    Version: 1
Type: Resolution Status: Archived
In control: Housing & Redevelopment Authority
Final action: 6/8/2016
Title: Resolution Approving And Authorizing Execution Of A Second Amendment To An Existing HRA Loan Including Extension Of Term And Affordability Period, And Resubordination For Van Dyke Townhomes, District 1, Ward 7
Sponsors: Jane L. Prince
Attachments: 1. Board Report, 2. Map, 3. Public Purpose, 4. District 1 Profile
Title
Resolution Approving And Authorizing Execution Of A Second Amendment To An Existing HRA Loan Including Extension Of Term And Affordability Period, And Resubordination For Van Dyke Townhomes, District 1, Ward 7
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, Van Dyke Townhomes LLC (the “Company”) is requesting a resubordination of a $279,000 HRA Loan (“HRA Loan”) given by the HRA to the Company in 1990, and refinanced with an appropriate first amendment to the HRA Loan in 2005, for ten three-bedroom townhomes and one four-bedroom home located at 395 and 405 Van Dyke Street, St. Paul, Minnesota (“Project”) and for the HRA to consent to the refinancing of the senior debt for the Project for the reasons stated in the staff report accompanying this resolution (the “Subordination”); and

WHEREAS, the Company has continuously operated the Project since 1990 with income restrictions; and

WHEREAS, staff recommends to the HRA Board approval of the Subordination pro...

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