Title
Resolution recommending the authorization and approval of a subordination of a $1,400,000 TIF Loan to Listening House of St. Paul, Incorporated, 421 7th Street East, District 4, Ward 2
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 Minnesota Statutes, Section 469.002, Subdivision 14; and
WHEREAS, Listening House acquired the building and parking lot on parcels located at 421, 423, and 423a East 7th Street (the “Property”) for the purpose of redeveloping the Property into a drop-in day shelter (the “Project”); and
WHEREAS, the Project will provide important resources for unsheltered persons and others needing the services Listening House provides; and
WHEREAS, on July 27, 2022, the Housing and Redevelopment Authority of the City of Saint Paul approved a $1,400,000 Temporary TIF loan via RES 22-1150 for the Project (the “TIF Loan”); and
WHEREAS, the TIF Loan includes a mortgage which is currently in first position on the Property, but had previously been subordinate to a private bank loan that has since been sat...
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