Title
Resolution authorizing and approving a loan of up to $2,000,000 in HOME funds; and authorization to enter into a loan agreement and the execution of other related documents for the Parkway Apartments project; District 2, Ward 7
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”), is a political subdivision of the State of Minnesota, duly organized and existing under the Constitution and laws of the State of Minnesota; and
WHEREAS, pursuant to Minnesota Statutes, Sections 469.001 to 469.047, as amended (the “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
WHEREAS, to facilitate redevelopment of that certain site of approximately 1.34 acres located at 1428 East 7th Street in the City of Saint Paul, Minnesota (the “Property”), the HRA proposes to enter into a HOME Loan Agreement (the “Loan Agreement”) between the HRA and The Parkway Apartments Limited Partners, a Minnesota limited partner or its assigned (the “Developer”); and
WHEREAS, the Developer’s proposal for the Parkway Apartments project is to construct an approximately 4-story, 60-unit multifamily rental housing development and functionally related facilities, with underground and surface parking on the Property (the “Proposal”); and
WHEREAS, Developer has requested to receive a loan of up to $2,000,000 in HOME funds to finance the Project on the terms set forth in the staff report accompanying this Resolution (“HOME Loan”), and the HOME Loan will be made pursuant to the terms and conditions of the Loan Agreement and other related documents (collectively the “HOME Loan Documents”); and
WHEREAS, by this Resolution the HRA finds a public purpose for issuance of the Financing because it will increase the tax base in the City of St. Paul (the “City”) and stimulate the development of decent, safe, and affordable housing;
NOW, THE...
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