Title
Resolution approving modifications to the 2002 HOME loan to Saint Paul Family Project Limited Partnership owner of Jackson Street Village project located at 1497 Jackson Street, District 6, Ward 5
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, Jackson Street Village (the “Project”) is comprised of 25 large size, deeply affordable rental units, that serve families and was constructed in 2002 by the Saint Paul Family Project Limited Partnership (an affiliate of the developer RS Eden) (the “Borrower”), which remains as the owner, operator and developer of the Project; and
WHEREAS, the Board of Commissioners of the HRA, through Resolution No. 01-9/12-6 adopted on September 12, 2001, approved a $387,500 HOME loan (“2002 HOME Loan”) to the Borrower to acquire and develop the Project, and the Borrower gave a mortgage in that amount to the HRA, as mortgagee, encumbering the Project (the “Mortgage”); and
WHEREAS, the 2002 HOME Loan approved by the HRA allowed for the deferral of principal and...
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