Title
Resolution approving and authorizing reservation of funds for certain Saint Paul projects applying for funding from the Minnesota Housing Finance Agency, Districts 2, 4 and 5, Wards 6 and 7
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, the HRA owns the following three properties that, pursuant to RFP processes, are scheduled for sale and redevelopment: (i) the former Hamm’s property located at 680 & 694 Minnehaha Avenue E., (ii) the former Hafner site located at 1570 White Bear Avenue, and (iii) 1170 Arcade Street (collectively, the “Subject HRA Sites”); and
WHEREAS, the Minnesota Housing Finance Authority (“MHFA”) requires developers of the aforesaid HRA owned properties, each of whom are applying for funding via the MHFA 2024 request for proposals, provide evidence of other significant commitments of funding and evidence of a purchase price, to earn MHFA funding commitment points which, together with land write down points are necessary to obtain MHFA funding; a...
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