HomeMy WebLinkAbout05-191 - ADMIN Resolution - City Council - 2005/12/19RESOLUTION NO. 05-191
RESOLUTION DIRECTING CITY STAFF TO PREPARE
THE REQUIRED DOCUMENTS TO PROVIDE A $400,000 DEFERED LOAN TO
THE LOUISIANA COURT LIMITED PARTNERSHIP TO ASSIST WITH
CAPITAL IMPROVEMENTS AT LOUISIANA COURT
WHEREAS, the Louisiana Court Limited Partnership has requested $400,000 from the
City of St. Louis Park to assist in funding capital improvements at the Louisiana Court
apartment complex; and
WHEREAS, Project for Pride in Living has developed a Stabilization Plan, of which one
component is the completion of additional capital improvements, to improve the
operational and financial performance of Louisiana Court; and
WHEREAS, the various funding partners, including the City, agree that additional
capital improvements to the Louisiana Court development will improve marketability of
the project, lower maintenance costs, increase the future value of the property and
improve the long-term financial strength of the project; and
WHEREAS, the various funding partners, including the City, agree that when the
Louisiana Court project was first undertaken, the goal was that the development be
revitalized and maintained as an important community asset and an attractive affordable
housing option for the residents of St. Louis Park for many years to come and that this is
still a viable goal; and
WHEREAS, adequate Community Development Block Grant funds and Tax Increment
Financing funds from the Park Center TIF District are available to fund a $400,000
deferred loan;
NOW, THEREFORE BE IT RESOLVED, that the City Council of St. Louis Park
dire staff to undertake the steps required to utilize CDBG and excess TIF funds from
the ' . Center TIF Distnct to finance a deferred loan in the amount of $400,000 to the
Lo isi. a Court Limited Partnership, and prepare the necessary documents in accordance
wt'h the erms as discussed with the Council for approval.
Revie e
r Administration
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City Man' ger M. yor
Adopteby,t1 e City Council December 19, 2005
Attest:
City Clerk jj