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Council approves partial forgiveness of city mortgage to facilitate sale of Commerce Building
Summary
The council approved partial loan forgiveness of up to $238,949.88 on a city mortgage for the Commerce Building projects to facilitate a sale that will avoid foreclosure and maintain affordability, following a staff report from the Department of PED.
The Saint Paul City Council on April 16 approved a resolution authorizing partial forgiveness of up to $238,949.88 in combined principal and interest on a city mortgage tied to the Commerce Building Phase 1 and Phase 2 projects at 10 Fourth Street East to facilitate a sale and preserve affordability.
Staff presentation: Laura Henson, principal project manager in Planning and Economic Development's housing team, told the council the…
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