Title
Resolution authorizing the issuance and sale of senior housing and healthcare revenue refunding bonds under Minnesota Statutes, Chapter 462C and Sections 469.152 through 469.1655, for the Episcopal Homes Obligated Group Project, 1879 Feronia Avenue, 490 E Lynnhurst Avenue, 502 E Lynnhurst Avenue, 1850 University Avenue and 1860 University Avenue and approving related documents; District 13, 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 “Industrial Development Act”), each housing and redevelopment authority of the State of Minnesota, including the HRA, is authorized to issue revenue bonds to finance or refinance, 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, Minnesota Statutes, Chapter 462C (the “Housing Act” and, together with the Industrial Development Act, the “Act”), confers upon cities, or housing and redevelopment authorities authorized by ordinance to exercise on behalf of a city the powers conferred by the Housing Act, which include the power to issue revenue bonds to finance a program for the purposes of planning, administering, making or purchasing loans with respect to one or more combination multifamily housing and health care developments within the boundaries of the city; and
WHEREAS, Episcopal Church Home of Minnesota and Iris Park Commons, both Minnesota nonprofit corporations (collectively, the “Borrowers”), have requested that the HRA issue one or more series of revenue bonds to be designated the Senior Housing and Healthcare Revenue Refunding Bonds (Episcopal Homes Obligated Group Project) Series 2021 (the “Bonds”) and loan...
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