Title
Resolution approving modifications to the 2002 HOME loan to RS Eden, owner of Seventh Landing, a 12-unit low-income rental property located at 1364 West 7th Street, District 9, Ward 2
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “Authority”) is a public body corporate and politic established pursuant to the provisions of Minnesota Statutes, Section 469.001 et seq (the “HRA Act”); and
WHEREAS, the Authority has the power to engage in development or redevelopment activities under Minnesota law and the HRA Act and the Authority 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 communities; and is authorized to create redevelopment projects as defined in Minn Stat Section 469.002, Subd. 14; and
WHEREAS, the Board of Commissioners of the Authority, through Resolution No. 02-2/27-2 adopted on February 27, 2002, approved a $387,000 HOME loan (“2002 HOME Loan”) to RS Eden, the owner of the Passages Apartment project (now known as Seventh Landing), for the development of an affordable 12-unit rental property with commercial space for job training activities, located at 1364 West 7th Street (the “Project”); and
WHEREAS, the 2002 HOME Loan approved by the Authority allowed for the deferral of principal and interest payments for its approximately 20 year term, and the loan, and all principal and interest payments thereunder, is scheduled to become due on November 27, 2022; and
WHEREAS, the Project is ...
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