Description
Title: Staff Report on Authorization of CDBG Loan Agreement by and between the City of Saint Paul and JDRM Investments, LLC for 202 Cesar Chavez Street, District 3, Ward 2
Summary
The City of St. Paul is considering a $70,000 Community Development Block Grant (CDBG) loan agreement with JDRM Investments, LLC for the acquisition of the property located at 202 Cesar Chavez Street. This funding will reimburse JDRM for the costs associated with acquiring the property, which was purchased on November 25, 2025. The company plans to open a new bar, La Oficina, which aims to revitalize a currently vacant space and create at least three full-time jobs. The loan has a 9-year term with a 3% interest rate, and it aims to support job creation for low- to moderate-income individuals. The proposal will be reviewed at the Housing and Redevelopment Authority (HRA) meeting