Title
Resolution approving and authorizing (i) the conveyance of land, (ii) acceptance of a purchase price note in the amount of $2,000,000, and (iii) the execution of a development agreement, LCDA and TBRA Subgrant agreements, and related documents, all for the West Side Flats Phase III A Apartments Project, District 3, Ward 2
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WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has heretofore established the Saint Paul Riverfront Redevelopment Project Area, as expanded (the “Project Area”) and has adopted a redevelopment plan therefor (the “Redevelopment Plan”) pursuant to Minnesota Statutes, Sections 469.001 to 469.047, as amended (the “HRA Act”); and
WHEREAS, the Redevelopment Plan contains an identification of need and a statement of purpose and objectives, land uses and standards for development for carrying out a redevelopment project, including property to be acquired, public improvements to be provided, development and redevelopment to occur, and sources of revenue to pay redevelopment costs within the Project Area; and
WHEREAS, WSF Phase III A LLC, a Minnesota limited liability company (or any affiliate thereof which owns or develops Market Rate Housing Development described below, the “Developer”) has requested that the HRA cause to be prepared a Development Agreement (the “Development Agreement”) between the HRA and the Developer setting forth the terms and conditions under which the HRA will provide certain financial assistance to the Developer to facilitate a housing development consisting of a building with approximately 171 market rate rental housing units, with underground parking (the “Market Rate Housing Development”), a copy of which is on file with the Executive Director of the HRA; and
WHEREAS, pursuant to the HRA Act, the HRA is authorized to acquire and convey real property and to undertake certain activities to facilitate the redevelopment of real property by private enterprise; and
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