Title
Approving the October 11, 2017 HRA Board Meeting Minutes
Body
ROLL CALL
Present 7 - Commissioners Bostrom, Noecker, Prince, Stark, Thao, Tolbert and Chair Brendmoen
FOR DISCUSSION
1. Resolution Authorizing HRA Staff to Apply to Ramsey Community and Economic Development to Act as Servicer for the Ramsey County Residential Rehabilitation Deferred Loan Program and the Minnesota Housing Finance Agency Fix Up Loan Program in Greater Ramsey County, Citywide
Mr. Sage-Martinson, HRA Executive Director, stated this item is a request for authority to apply to use the existing expertise at PED to provide additional home rehab loan servicing throughout Ramsey County on behalf of Ramsey County and the Minnesota Housing Finance Agency.
Moved by Commissioner Bostrom, Resolution Approved as set forth in RES 17-1628
VOTE: Yeas - 7 Nays - 0
2. Resolution Approving and Authorizing the Execution of a Tax Increment Financing Loan Agreement for the Larpenteur Villa Project, District 6, Ward 5
Mr. Sage-Martinson stated this item relates to the preservation of naturally occurring affordable housing. There is a large portfolio of housing that is changing hands that is naturally occurring affordable housing and Aeon is seeking to purchase one of those properties in the City of Saint Paul. To help maintain affordability and complete some light rehab, Aeon is requesting a $40,000 loan. This will help Aeon keep the rents low. They have agreed to keep the rents at 60% of AMI for fifteen years. The source is pooled TIF that is set aside for affordable housing and if this passes today, approximately $2 million will remain in that affordable housing pooled TIF resource.
Moved by Chair Brendmoen, Resolution Approved as set forth in RES 17-1647
VOTE: Yeas - 7 Nays - 0
PUBLIC HEARING
3. Resolution Giving Preliminary Approval to the Proposed Issuance of Conduit Revenue Bonds under Minnesota Statutes, Sections 469.152 through 469.1655 for the Cerenity - Marian of St. Paul Project,...
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