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File #: 0971-21    Version: A Name: Communication amending resolution #1317-19
Type: Communication Status: Passed
File created: 12/2/2021 In control: Community Development Block Grant Advisory Board
On agenda: Final action: 12/7/2021
Title: 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...
Attachments: 1. MEMO- St. Paul Commons Update HOME, 2. #0971-21 Resolution

Title

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 are sufficient HOME funds available to meet this request. All principal and interest would be returned to the City as HOME program income.