Title
Approving a public hearing on the issuance of conduit charter school lease revenue bonds by the Housing and Redevelopment Authority (the “HRA”) for the benefit of Community School of Excellence Project located at 270 Larpenteur Avenue West (District 6, Ward 5).
Body
(a) Minnesota Statutes, Sections 469.152 through 469.1655, as amended (the “Act”) confers upon 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
(b) The HRA has been designated, to exercise, on behalf of the City of Saint Paul, Minnesota (the “City”) the powers conferred by Minnesota Statutes, 469.152 through 469.1655, as amended; and
(c) The HRA has received a proposal from CSE Building Company, a Minnesota nonprofit corporation and 501(c)(3) organization (the “Borrower”), to finance a project hereinafter described, pursuant to the Act, through the issuance of one or more series of revenue bonds, in an estimated aggregate principal amount not to exceed $59,000,000 (the “Bonds”); and
(a) The project to be financed by the Bonds is (i) the construction of a new approximately 65,000 square foot high school addition on the existing charter school campus (the “School Facility”) located at 270 Larpenteur Avenue (i) the construction of an approximately 65,000 square foot three-story high school addition on the existing charter school campus (the “Existing School Facilities”) located at 270 Larpenteur Avenue West in the City of Saint Paul, Minnesota (the “City”), to serve students in grades 9 through 12; (ii) refund the Issuer’s outstanding Charter School Lease Revenue Bonds (Community School of Excellence Project), Series 2016A (the “Series 2016 Bonds”); (iii) fund a debt serv...
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