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Approving and authorizing modifications to a CDBG loan and a STAR loan made to 754 Randolph, LLC for property at 754 Randolph Avenue (District 9, Ward 2)
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WHEREAS, in 2020 754 Randolph, LLC, a Minnesota limited liability company (“Borrower”) purchased from the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (“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, pursuant to Council Resolution No. 18-1143 (for the STAR loan) and Administrative Order 19-47 (for the CDBG loan), the Saint Paul City Council approved certain loans to Borrower to assist with the rehabilitation and construction of improvements to Borrower’s property; and
WHEREAS, on June 19, 2020, Borrower executed and delivered to Lender a certain STAR Promissory Note in the original principal amount of $125,000.00 and maturing on May 1, 2030 (the “STAR Note”), which STAR Note is secured by a certain Mortgage instrument on Borrower’s real property in favor of the City of Saint Paul, and
WHEREAS, on June 19, 2020, Borrower also executed and delivered to Lender a certain Promissory Note in the original principal amount of $200,000.00 and maturing on March 1, 2030 (the “CDBG Note”), which CDBG Note is also secured by a certain Mortgage instrument on Borrower’s real property in favor of the City of Saint Paul; and
WHEREAS, the Borrower, as developer, experienced substantial construction delays due to the coronavirus pandemic and related economic events, but eventually completed construction and began makings its payments under the related STAR Note and the CDBG Note; and
WHEREAS, the parties desire to modify the above-described loans to change the first pay...
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