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File #: 1317-19    Version: A Name: Subject: Communication sponsored by Mayor Mason requesting permission to authorize a HOME Multifamily Loan with Brinshore Development for up to $250,000 related to the St. Paul Commons project.
Type: Communication Status: Passed
File created: 11/22/2019 In control: Finance and Personnel Committee
On agenda: Final action: 12/3/2019
Title: Subject: Communication sponsored by Mayor Mason requesting permission to authorize a HOME Multifamily Loan with Brinshore Development for up to $250,000 related to the St. Paul Commons project. Recommendation of the Finance & Personnel Committee on 11-25-2019: Approval of a HOME loan to Brinshore Development related to the St. Paul Commons project for up to $250,000 at 1% interest with a 20-year term. Mortgage, promissory note, land use restriction agreement, and HOME agreement to be signed at closing after demonstrating full project financing and a completed environmental review. Fiscal Note: There are sufficient HOME funds available to meet this request up to $250,000. All principal and interest would be returned to the city as HOME program income.
Attachments: 1. MEMO- St. Paul Commons HOME.pdf, 2. #1317-19 Resolution

Title

Subject: Communication sponsored by Mayor Mason requesting permission to authorize a HOME Multifamily Loan with Brinshore Development for up to $250,000 related to the St. Paul Commons project.

 

Recommendation of the Finance & Personnel Committee on 11-25-2019: Approval of a HOME loan to Brinshore Development related to the St. Paul Commons project for up to $250,000 at 1% interest with a 20-year term. Mortgage, promissory note, land use restriction agreement, and HOME agreement to be signed at closing after demonstrating full project financing and a completed environmental review.

 

Fiscal Note: There are sufficient HOME funds available to meet this request up to $250,000. All principal and interest would be returned to the city as HOME program income.