Title
Resolution authorizing the issuance and sale of conduit charter school lease revenue bonds, under Minnesota Statutes, Sections 469.152 through 469.1655, for the Career Pathways Charter School Project, 1355 West Pierce Butler Route and approving related documents; District 11, Ward 4
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) is duly organized and existing under the Constitution and laws of the State of Minnesota; and
WHEREAS, under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152-469.1655, as amended (the “Act”), each housing and redevelopment authority of the State of Minnesota, including the HRA, is authorized to issue revenue bonds to finance, in whole or in part, the costs of the acquisition, construction, improvement, or extension of revenue producing enterprises, whether or not operated for profit; and
WHEREAS, CPATH Community Building Group, a Minnesota nonprofit corporation (the “Borrower”), has represented to the HRA that it is proposing to assist Career Pathways, a Minnesota nonprofit corporation and public charter school (the “School”) in the acquisition, renovation and equipping of the existing approximately 16,762 square foot public charter school facility located at 1355 West Pierce Butler Route, Saint Paul, Minnesota (the “School Facility”); and
WHEREAS, the Borrower has requested that the HRA issue one or more series of revenue bonds to be designated Charter School Lease Revenue Bonds (Career Pathways Project) Series 2022 in an original aggregate principal amount not to exceed $6,000,000 (the “Bonds”) and loan the proceeds derived from the sale of the Bonds to the Borrower, pursuant to the terms of a Loan Agreement dated on or after June 1, 2022 (the “Loan Agreement”), between the HRA and the Borrower to: (i) finance costs related to the acquisition, renovation and equipping of the School Facility; (ii) pay a portion of the intere...
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