Title
Resolution approving and authorizing execution of a development agreement for the sale and development of HRA owned Seven Corners Gateway site to Gateway QOZ Ventures LLC, District 17, Ward 2
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 owns a parcel of land located at 150 Smith Avenue, Saint Paul, Minnesota, that is across from the Xcel Energy Arena and is bounded by Smith Avenue, Kellogg Boulevard, West Seventh, and Fifth Streets (“HRA Property”) that is commonly referred to as the Seven Corners Gateway Site and is being used as a surface parking lot; and
WHEREAS, the HRA proposes to sell and convey the HRA Property to Gateway QOZ Ventures LLC, an affiliate of Kaeding Management Group (“Developer”) under a development agreement (“Development Agreement”) for the construction of both a market rate rental housing development and a hotel development with first floor active retail space and an open plaza space in the center of the site, as more fully ...
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