Title
Resolution approving and authorizing a loan modification to the $1,000,000 Deferred HOME Loan and related documents for the 2700 University project, District 12, Ward 4
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, the HRA and 2700 University FC, LP, a Minnesota limited partnership (“Developer”) entered into a certain HOME Repayment Loan Agreement dated June 9, 2015 (“HOME Loan Agreement”) whereby the HRA loaned the Developer the sum of $1,000,000 for the purpose of constructing a 50 unit affordable housing project, of which 11 were HOME units (“Project”), and
WHEREAS, in connection with the HOME Loan Agreement the HRA and Developer also executed and delivered a promissory note; combination mortgage, security agreement and assignment of leases and rents; and declaration of covenants, conditions and restrictions (together with the HOME Loan Agreement are referred to as the “HOME Loan Documents”); and
WHEREAS, the Project has been constructed and occupied and th...
Click here for full text