Title
Resolution giving preliminary approval to the proposed issuance of conduit revenue bonds for the Twin Cities Academy Project under Minnesota Statutes, Sections 469.152 through 469.1655, District 1, Ward 7
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 in 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, TCAABC, a Minnesota nonprofit corporation (the "Borrower"), has requested that the HRA issue one or more series of revenue bonds (the "Bonds") and loan the proceeds derived from the sale of the Bonds to the Borrower, pursuant to the terms of a Loan Agreement between the HRA and the Borrower (the "Loan Agreement") to finance: (i) the acquisition, construction and equipping of an approximately 62,000 square foot, two-story school building to be located on the south side of Minnehaha Avenue between Birmingham Street and Hazelwood Street in the City of Saint Paul, Minnesota (the "City") for use as a public charter school facility for grade six through grade twelve (the "Facility"), (ii) a debt service reserve fund; (iii) a portion of the interest on the Bonds; and (iv) the costs of issuing the Bonds (the "Project"); and
WHEREAS, the Facility will be owned by the Borrower; the grade six through grade eight portion of the Facility will be leased to and operated by Twin Cities Academy, a Minnesota nonprofit corporation and charter school; and the grade nine through grade twelve portion of the Facility will be leased t...
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