Title
RESOLUTION APPROVING THE HOUSING AND REDEVELOPMENT AUTHORITY OF DULUTH TO FORGIVE AMOUNTS REMAINING ON THREE LOANS MADE TO NEW APOLLO APARTMENTS LIMITED PARTNERSHIP FOR THE REHABILITATION OF THE SKINNER APARTMENTS.
Body
CITY PROPOSAL:
RESOLVED, the city council of the city of Duluth hereby approves forgiveness by the Housing and Redevelopment Authority of Duluth of the repayment of all amounts remaining on the following loans made to New Apollo Apartments Limited Partnership for the rehabilitation of the Skinner Apartments:
1) an affordable housing program loan in the amount of $30,000.00 pursuant to a promissory note secured by that certain Housing and Redevelopment Authority Affordable Housing Program Mortgage dated April 22, 1994 and recorded in the office of the St. Louis County Recorder on June 20, 1994 as Document No. 606687;
2) a Duluth rental property rehabilitation program loan in the amount of $109,000.00 pursuant to a promissory note secured by that certain Housing and Redevelopment Authority of Duluth - Duluth Rental Property Rehabilitation Program Mortgage dated April 22, 1994 and recorded in the office of the St. Louis County Recorder on June 20, 1994 as Document No. 606688; and
3) a single room occupancy rehabilitation program loan in the amount of $85,000.00 pursuant to a promissory note secured by that certain Housing and Redevelopment Authority of Duluth Single Room Occupancy (S.R.O.) Rehabilitation Program Mortgage dated April 22, 1994 and recorded in the office of the St. Louis County Recorder on June 20, 1994 as Document No. 606689.
Statement of Purpose
STATEMENT OF PURPOSE: The purpose of this resolution is to approve the forgiveness by the Housing and Redevelopment Authority of Duluth ("HRA") of all remaining amounts of three deferred loans given to New Apollo Apartments Limited Partnership, whose general partner is Center City Housing Corp. ("Center City Housing"), for the rehabilitation of the Skinner Apartm...
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