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File #: RES 22-1323    Version: 1
Type: Resolution Status: Archived
In control: Housing & Redevelopment Authority
Final action: 8/24/2022
Title: Resolution approving a $62,386 CDBG loan to V&I Best Steak House, LLC for a code repair project at 1676 White Bear Ave, District 2, Ward 6
Sponsors: Nelsie Yang, Chris Tolbert
Attachments: 1. Board Report, 2. Map, 3. Public Purpose, 4. D2 Greater East Side Neighborhood Profile

Title

Resolution approving a $62,386 CDBG loan to V&I Best Steak House, LLC for a code repair project at 1676 White Bear Ave, District 2, Ward 6

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 Minn Stat Section 469.002, Subd. 14; and

 

WHEREAS, the operators of V&I Best Steak House, LLC are proposing to make improvements to their restaurant property located at 1676 White Bear Avenue (“Property”) to bring their kitchen into code compliance (the “Project”), as described in the staff report submitted to the HRA Board with this resolution (the “Board Report”); and

 

WHEREAS, the HRA Board finds there is a proper public purpose for providing the loan to V&I Best Steak House, LLC for the Project, including to retain jobs, support investment in low-to-moderate income areas, and support the tax base; and

 

WHEREAS, the completion of the Project by V&I Best Steak House, LLC will meet a HUD national objective, as identified by the accompanying Board Report, making it eligible to use CDBG funds, and V&I Best Steak House, LLC has agreed to enter into a loan agreement with the HRA governing the use of such funds.

 

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 of Commissioners hereby approves the making of a $62,386 loan to V&I Best Steak House, LLC using CDBG funds for the completion of the Project under the terms of a loan agreement that contains appropriate CDBG compliance obligations.

 

                     2.                     The Executive Director of the HRA is hereby authorized and directed to negotiate the terms and conditions of the loan agreement, consistent with the terms of these resolutions and the accompanying Board Report, and the appropriate HRA officials are empowered to execute that  loan agreement on behalf of the HRA.

 

                     3.                     The HRA staff and the HRA Executive Director are further authorized and directed to take all actions necessary to implement this resolution.

Date NameDistrictOpinionCommentAction
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