Title
Resolution approving and authorizing modifications to development agreement and promissory note made with 754 Randolph, LLC, for property at 754 Randolph Avenue, District 9, Ward 2
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (“HRA”) is a public body corporate and politic organized, existing, and operating under the laws of the State of Minnesota, Minn. Stat. Sec. 469.001, et seq. (the “Act”); and
WHEREAS, the HRA has the power to engage in development and redevelopment activities under the Act and when needs cannot be met through reliance solely upon private initiative, which can also be undertaken in targeted neighborhoods, and is authorized to create redevelopment projects as defined in the Act, and said activities include but are not limited to: (a) providing adequate, safe and sanitary dwellings, remedying housing shortages for low and moderate income residents, and providing housing for persons of all incomes through housing projects and development, (b) removing and preventing blight or deterioration, (c) bringing substandard buildings and improvements into compliance with public standards, (d) performing duties according to the comprehensive plan, (e) disposing of land for private redevelopment, and (f) improving the tax base and the financial stability of the community; and
WHEREAS, in 2020 754 Randolph, LLC, a Minnesota limited liability company (“Borrower”) purchased from the HRA the subject property at 754 Randolph Avenue, which was the old Fire Station #10 building and was in substandard condition, and thereafter Borrower brought the improvements into compliance with public standards, improved the tax base, improved the financial stability of the community, and created jobs for low and moderate income persons; and
WHEREAS, in connection with such purchase of the building, and pursuant to HRA Res. No. 18-282, the HRA and Developer executed a Development Agreement dated March 13, 2020 (“D...
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