Title
Resolution Approving and Authorizing the Execution of a Purchase Agreement with SR Development, LLC for sale of 1.31 acres of land located at 217 Chestnut Street, Saint Paul, Mn, District 9, Ward 2
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (“HRA”) is a public body corporate and politic established pursuant to the provisions of Minnesota Statutes, Section 469.001 et seq (the “HRA Act”); and
WHEREAS, the HRA has the power to engage in development or redevelopment activities under Chapter 469 of the Minnesota Statutes, Housing and Redevelopment Act (“Act”) and by authority of said Act engages in activities relating to: a) housing projects and development; b) removal and prevention of the spread of conditions of blight or deteriorations; c) bringing substandard buildings and improvements into compliance with public standards; d) disposition of land for private development; 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
WHEREAS, the HRA has received a proposal from Schafer Richardson, Inc. and its related entity SR Development, LLC (“Developer”) to purchase the land containing1.31 acres and located at 217 Chestnut Street, Saint Paul, Mn commonly known as the Ryan Lot (“ Land”) and construct a 175 unit market rate apartment building with 168 enclosed parking spaces (“Improvements”); and
WHEREAS, the Land is currently owned by the City of Saint Paul (“City”) and is being replatted by the City and upon completion of the replatting process, it is expected that the City will transfer and convey the Land to the HRA and in turn, the HRA will sell and convey the Land to the Developer; and
WHEREAS, HRA staff has negotiated a purchase agreement with Developer (“Conditional Purchase Agreement”) ...
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