Title
Approving the Proposed Issuance of Conduit Health Care Revenue Bonds by the Housing and Redevelopment Authority for the Episcopal Homes Obligated Group (The Willows Project), 80 Mackubin Street, under Minnesota Statutes, Sections 469.152 through 469.1655 (District 8 Ward 1).
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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 Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (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 any properties, real or personal, used or useful in connection with a revenue producing enterprise, whether or not operated for profit, engaged in providing health care services, including hospitals, nursing homes, and related medical facilities; and
WHEREAS, the HRA has received a proposal from Willows of Episcopal Homes, LLC, a Minnesota limited liability company (the “Borrower”), whose sole member is Episcopal Homes of Minnesota, a Minnesota nonprofit corporation and organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Sole Member”), that the HRA undertake a project as hereinafter described, pursuant to the Act, through the issuance of taxable and/or tax exempt conduit revenue bonds, in one or more series, at one time or from time to time, in an estimated aggregate principal amount not to exceed $18,000,000 (the “Bonds”); and
WHEREAS, the Borrower will use the proceeds of the Bonds to (i) finance the acquisition of a 58-unit state-licensed assisted living and memory care facility serving seniors with dementia, Alzheimer’s and other memory loss located at 80 Mackubin Street in the City of Saint Paul, Minnesota (the “City”) (the “Willows Facility”); (ii) fund a debt service ...
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