Title
Approving the issuance of a conduit multifamily housing revenue note by the Housing and Redevelopment Authority (HRA) for a multifamily rental housing development project; reciting a proposal for a Housing Finance Program related to such multifamily rental housing development; approving the related project and program pursuant to Minnesota Statutes, Chapter 462C; authorizing the HRA to issue a conduit multifamily housing revenue note and authorizing the preparation of necessary documents and materials in connection with said project and program, and approving an ARPA Loan, and related documents for 176 South Robert Street, Soul Project (District 3, Ward 2). (Public hearing is continued from August 17.)
Body
(a) Minnesota Statutes, Chapter 462C (the “Act”) confers upon cities, or housing and redevelopment authorities or port authorities authorized by ordinance to exercise on behalf of a city the powers conferred by the Act, the power to issue revenue notes to finance a program for the purposes of planning, administering, making or purchasing loans with respect to one or more multifamily housing developments within the boundaries of the city; and
(b) The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has been designated, by ordinance, to exercise, on behalf of the City of Saint Paul, Minnesota (the “City”) the powers conferred by Minnesota Statutes, Section 462C.01 to 462C.081; and
(c) The HRA has received a proposal from Robert Street, LLLP, a Minnesota limited liability limited partnership (or an affiliated entity, the “Borrower”), that the HRA undertake a housing finance program (the “Housing Program”) to finance the Project hereinafter described, pursuant to Minnesota Statutes, Chapter 462C, through the issuance of taxable and tax exempt housing revenue bonds or notes, in one or more series in an estimated aggregate principal amount not to exceed $33,00...
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