Title
Approving the November 28, 2018 HRA Board meeting minutes
Body
ROLL CALL
Present 6 - Commissioners Bostrom, Brendmoen, Jalali Nelson, Noecker, Prince and Chair Tolbert
Absent 1 - Commissioner Thao
FOR DISCUSSION
1. 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
Kristin Guild, Acting HRA Executive Director, stated that this request is a proposed $175,000 Strategic Investment Fund loan to Alula, an internet of things company that’s planning to move into a vacant building in the Midway. Alula currently has 56 jobs, they plan to relocate from Hudson, Wisconsin and they are committing to 125 jobs at the Saint Paul location. The Strategic Investment Fund is designed to be a business recruitment incentive program connected to Saint Paul job growth. A loan of $175,000 is proposed, with an interest rate of 6.25% (prime plus one) with a term of five years. The loan will be forgiven incrementally over that five year period each year that they maintain 125 full time equivalent jobs on the site.
Commissioner Noecker welcomed Alula to Saint Paul.
Chair Tolbert stated that 125 innovative tech jobs in this neighborhood that is becoming a Tech Hub of Saint Paul is exciting.
Moved by Commissioner Jalali Nelson, Resolution Adopted as Amended as set forth in RES 18-1991
VOTE: Yeas - 6 Nays - 0
2. Resolution authorizing acceptance of a grant from the U. S. Department of Housing and Urban Development (HUD) as a sub grantee of the Minnesota Home Ownership Center (MNHOC) for funding for administrative costs for counselors for the Mortgage Foreclosure Prevention Program, Citywide
Ms. Guild, Acting HRA Executive Director, stated that this request is for accepting a grant of $12,800 from the MN Homeownership Center to support our foreclosure prevention counseling. Saint Paul has been doing this work for over 33 years and is HUD certified. The numbers in the report share that the clients receiving counseling has decreased significantly as we’ve emerged from the Great Recession. However; there is still a need for these services and Saint Paul plays an important role in providing these services to our residents. For all of the Saint Paul clients served by the City and other counseling partners, the Home Ownership Center reports that in 2017, 55% of all foreclosures were prevented. Foreclosure prevention isn’t the only positive outcome for the clients; selling or choosing another housing option can also be a very positive outcome.
Commissioner Prince thanked PED and Michelle Vojacek for the good work that’s been done over the years.
Moved by Commissioner Prince, Resolution Approved as set forth in RES 18-1990
VOTE: Yeas - 6 Nays - 0
ADJOURNMENT
Moved by Commissioner Bostrom, the HRA Board Meeting is Adjourned
VOTE: Yeas - 6 Nays - 0