Title
Resolution Approving HRA Grant and Loan to The Victoria Theater Arts Center Project Located At 825 University Avenue West, District 7, Ward 1
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, Victoria Theater Arts Center (“Developer”) has requested financing assistance from the HRA for the acquisition and rehabilitation of the Victoria Theater (the “Rehabilitation Project”), at 825 University Avenue West (the “Property”), as more fully described in the staff report accompanying this Resolution and incorporated herein by reference; and
WHEREAS, the Property is currently owned by Land Bank Twin Cities Inc. (the “Owner”), and requires immediate stabilization of structural defects (the “Stabilization Project”), costing an estimated $200,000; and
WHEREAS, staff recommends HRA approval of a grant of up to $200,000 to the Owner for the Stabilization Project from the HRA Loan Enterprise Fund (the “Stabilization Grant”); and
WHEREAS, staff further recommends HRA ap...
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