Title
Resolution recommending issuance of a HOME loan in the amount of $2,600,000; recommending issuance of an SLFRF loan in the amount of $2,547,408; recommending issuance of a sub-loan in the amount of $600,000 from a Metropolitan Council LCDA TOD Grant; and recommending execution of a development, subrecipient and loan agreement and a sub-loan agreement, all for the Marshall Avenue Flats Project located at 1606 Marshall Ave; District 13, Ward 4
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 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, a proposal was submitted as part of the City’s 30% AMI Deeply Affordable Housing Program - March/April 2022 for Marshall Flats, LLLP, a Minnesota limited partnership or another entity that is affiliated with and controlled by Marshall Flats, LLLP (“Developer”) to construct on property located at 1606 (formerly 1619) Marshall Ave, St. Paul, MN (“Property”) a 6-story multifamily building with 98 affordable residential dwelling units and related facilities (“Project”) with the Developer to main...
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