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Subject: Communication sponsored by Mayor Mason amending Resolution #1317-19 and requesting permission to authorize a HOME Multifamily Loan with Brinshore Development for up to $300,000 related to the St. Paul Commons project.
Recommendation of the Community Development Block Grant Advisory Board on 12/7/2021: That an amendment to Resolution #1317-19 for an increase in the loan amount from $250,000 to $300,000 be approved, and that the Mayor and City Clerk be authorized to execute a HOME loan to Brinshore Development related to the St. Paul Commons project for up to $300,000 at 1% interest with a 20-year term. Mortgage, promissory note, land use restriction agreement, and HOME agreement, and necessary subordinations to be signed at closing after demonstrating full project financing and a completed HUD Part 58 environmental review.
Fiscal Note: This item increases the total amount of HOME funds loaned to the St. Paul Commons project to an amount not to exceed $300,000 total. There ar...
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