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File #: RES 21-671    Version: 1
Type: Resolution Status: Archived
In control: Housing & Redevelopment Authority
Final action: 4/28/2021
Title: Resolution approving the re-subordination and extension of the terms and affordability periods of five HRA/City deferred loans associated with Model Cities BROWNstone, Limited Partnership due to refinancing of first mortgages, District 7, Ward 1
Sponsors: Dai Thao
Attachments: 1. Board Report, 2. Map, 3. District 7 Profile
Title

Resolution approving the re-subordination and extension of the terms and affordability periods of five HRA/City deferred loans associated with Model Cities BROWNstone, Limited Partnership due to refinancing of first mortgages, 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 Chapter 469 of the Minnesota Statutes, Housing and Redevelopment Act ("Act") and by authority of said Act engages in activities relating to: a) housing projects and development; b) removal and prevention of the spread of conditions of blight or deteriorations; c) bringing substandard buildings and improvements into compliance with public standards; d) disposition of land for private development; 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

WHEREAS, in 2017, the Model Cities BROWNstone Project was constructed. (the “Project”) The Project is  located at 839 University Avenue and  is  a four-story mixed-use building with thirty-five (35) units of affordable rental housing units affordable to households earning 50% to 60% Area Median Income (AMI) and 20,415 square feet of commercial/retail space; and 

 WHEREAS, Minnesota Housing will be providing a new, first-priority mortgage loan on the housing portion of the Project in the amount of $1,425,000 and the loan will have an interest rate of approximately 3.25% and a 35-year term (“First Priority Loan”) and

WHEREAS, the current HRA and City loans for the Project include a $750,000 HOME loan, a $1,668,248  Poole...

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