Title
Resolution approving and authorizing the execution of assignment and subordination documents for the Parkway Gardens Project, 1145 Hudson Road, District 4, Ward 7
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has heretofore created the Bridgecreek Senior Place Housing Project (the “Project Area”) and adopted a Housing Development and Redevelopment Plan therefor pursuant to Minnesota Statutes, Sections 469.001 to 469.047 (the “HRA Act”) to provide for, among other things, the decent, safe and sanitary housing facilities within the City of Saint Paul (the “City”);
WHEREAS, the HRA has heretofore issued its Subordinate Multifamily Revenue Bonds (Tax Increment Collateralized - Bridgecreek Senior Place, Limited Partnership Project), Series 2004B in the amount of $2,600,000 (the “2004B Bonds”) to provide financing for a 160 unit multifamily residential housing project located in the City known as the “Parkway Gardens Apartments” (the “Project”);
WHEREAS, the HRA has heretofore (i) entered into a Development Agreement dated as of April 23, 2003, as amended pursuant to that certain First Amendment to Development Agreement dated as of June 1, 2004 (the “Development Agreement”) by and among the HRA, the City and Bridgecreek Senior Place, Limited Partnership, a Minnesota limited partnership (the “Developer”) and (ii) issued its Tax Increment Revenue Note of 2004 (Bridgecreek Senior Place Project) dated as of June 1, 2004, to the Developer (“TIF Note”) which has been assigned as collateral for the payment of the 2004B Bonds;
WHEREAS, the HRA has heretofore made a loan, currently outstanding in the amount of $364,967 (the “HRA Loan”), to the Developer, as successor to Parkway Place Housing, L.L.C. and BridgeCreek Senior Place, LLC (“BC LLC”), as evidenced by that certain Second Amended and Restated Promissory Note dated as of June 30, 2004 (the “Promissory Note”), and secured by that certain Amended and Restat...
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