Title
Resolution approving issuance of a $175,000 loan under the Strategic Investment Fund program to Alula for 2340 Energy Park Drive, Saint Paul, Minnesota, 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, Resolution Products, LLC, d/b/a Alula, a home security company, (“Alula”) has requested a loan in the amount of $175,000 from the HRA Strategic Investment Fund Program to be used for the purchase of furniture and equipment related to the relocation of Alula Headquarters from Hudson, WI to 2340 Energy Park Drive, Saint Paul, Minnesota (the “Project”); and
WHEREAS, HRA staff has presented a report and a summary of loan terms which have been negotiated with Alula regarding the financing of the Project; and
WHEREAS, the proposed loan structure allows open competition among available commercial properties to attract firms as tenants into the City of Saint Paul, and ties the incentive value of the HRA loan directly to the fulfillment of the public purpose objective for the increase and maintenance of employment.
Now, Therefore, Be It Resolved, by the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota as follows:
1. Approval is hereby granted for a loan of up to $175,000 to Alula or its assigns, under the terms presented in the staff report and with such additional terms, conditions, and amendments as deemed necessary and appropriate by the HRA Executive Director and City Attorney (“Loan”).
2. This Loan is funded from approved fiscal year 2018 budgeted funds in the HRA Loan Enterprise Fund- Strategic Investment Fund.
BE IT FURTHER RESOLVED, the Executive Director of the HRA and other appropriate HRA officials are authorized to execute the necessary documents in connection with the Loan, in form acceptable to the HRA Attorney, on behalf of the HRA, and the HRA Executive Director, HRA staff and attorney are hereby authorized and directed to take all actions needed to implement this Resolution.