SR 26-191: Introduction to Hamm Building Conduit Bond Issuance

Description

Introduction to Hamm Building Conduit Bond Issuance

Summary

St. Paul’s HRA and City Council are considering up to $14 million in tax-exempt conduit revenue bonds for PAK Properties’ conversion of vacant Hamm Building offices at 408 St. Peter Street into 128 affordable apartments. The historic renovation would provide 21 studios, 63 one-bedroom, and 44 two-bedroom units, all affordable to households earning up to 60% of area median income, with rents of approximately $1,381–$1,776 per month. Bonds, tax credits, historic credits, and developer financing would fund the $49.6 million project. The proposal separates housing from existing ground-floor and basement retail uses. A public HRA hearing and final City Council approval are scheduled for September 23, 2026; issuance would support downtown housing, preserve a historic building, and use public financing tools without directly committing general-fund dollars.