Title
Approving and Authorizing Charge-Off of a Loan to POP! Restaurant, Inc. and K Clark Knutson, District 17.
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 Minnesota law and the HRA 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 neighborhoods; and is authorized to create redevelopment projects as defined in Minn Stat Section 469.002, Subd. 14; and
WHEREAS, the staff report recommends a charge-off of a loan in the original principal amount of $96,425.00 (with an unpaid principal balance of $96,425.00) dated June 11, 2008 made to POP! Restaurant, Inc. and K. Clark Knutson ("Loan") for the reasons stated in the report; and
WHEREAS, the HRA Board of Commissioners accepts and agrees with the recommendation to charge-off the Loan.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, that:
1. The HRA Board hereby approves the charge-off of the unpaid principal balance and all accrued interest owing under the Loan.
2. The HRA Executive Director, staff and legal counsel for the HRA are further directed and authorized to take all actions necessary to implement this Resolution.