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Authorizing a loan up to $100,000.00 from the HRA Business Assistance Fund and waiving certain Business Assistance Fund Provisions to The Minnesota Museum of American Art, 350 Robert Street North Suite 101, District 17, Ward 2
(Laid over from the May 24, 2024 HRA Board meeting)
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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, The Minnesota Museum of American Art (“The M”) is one of Minnesota’s oldest art organizations which is rehabilitating its space in the Pioneer Endicott building located at 350 Robert Street North, Saint Paul, Minnesota; and
WHEREAS, The M requested a loan to pay for certain indirect costs related to its $14 million rehabilitation project to create space for both its permanent and rotating exhibits as well as make improvement to historically significant architectural elements in its space (“The Project”) and
WHEREAS, Staff reviewed and evaluated The M’s request and prepared the Board Report attached to this Resolution, which provides a more detailed summary of the Project and proposed loan terms; and
WHEREAS, The M is a non-profit corporation in good standing in the State of Minnesota; and
WHEREAS, As Saint Paul recovers from the COVID-19 pandemic, activating interior sp...
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