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File #: RES 20-385    Version: 1 Name: NWUD 501 Dale Street
Type: Resolution Status: Archived
In control: Housing & Redevelopment Authority
Final action: 2/26/2020
Title: Authorizing and approving the restructuring of two loans from HRA Loan Enterprise Fund to Frogtown Entrepreneur Center at the northwest corner of University Avenue and Dale Street to support the Northwest University Dale project; District 7, Ward 1
Sponsors: Dai Thao
Attachments: 1. Board Report, 2. Map, 3. District 7 Profile
Title

Authorizing and approving the restructuring of two loans from HRA Loan Enterprise Fund to Frogtown Entrepreneur Center at the northwest corner of University Avenue and Dale Street to support the Northwest University Dale project; District 7, Ward 1

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 Minnesota Statutes, Section 469.002, Subdivision 14; and

Whereas, Frogtown Entrepreneur Center, LLC (“Developer”), whose sole member is the Neighborhood Development Center (“NDC”), executed an HRA loan in the amount of $65,000 on January 7, 1997 to help purchase and renovate the property located at 501 North Dale Street; and executed an HRA loan in the amount of $49,000 on April 30, 1999 to help purchase and renovate the property located at 625/627 University Avenue; and

WHEREAS, together, as of November 30, 2019, these two loans had an outstanding principal and interest balance of $94,930; and

Whereas, Developer requests restructuring of these two existing loans into one $94,930 loan with a term of 20 years, a 0%...

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