Title
Approving and authorizing charge-off of an HRA loan to Bedlam Theatre at 213 E. 4th Street, 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 extended a HRA loan in the original principal amount of $90,000 to Bedlam Theatre dated September 24, 2014 (the “Loan”); and
WHEREAS, the attached staff report states that the Credit Committee on February 26, 2019 approved a charge-off of the principal and interest balance of the Loan for the reasons stated in the report; and
WHEREAS, there was over $400,000 of private debt in front of the Loan and less than $200,000 of assets; and
WHEREAS, Bedlam Theatre is a non-profit, there was no Personal Guaranty and the business has been dissolved; and
WHEREAS, the HRA Board of Commissioners accepts and agrees with the recommendation of the Credit Committee to charge-off the Loan and finds a public purpose for the actions taken in this Resolution.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, that:
1. The HRA Board hereby approves the charge-off of the unpaid principal balance and all accrued interest owing under the Loan.
2. The HRA Executive Director, staff and legal counsel for the HRA are further directed and authorized to take all actions necessary to implement this Resolution.