Title
Resolution giving preliminary approval to the proposed issuance of conduit revenue bonds for the Hmong College Prep Academy Charter School Project, 1515 Brewster Street, under Minnesota Statutes, Sections 469.152 through 469.1655, District 10, 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 “Act”), each housing and redevelopment authority in 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, Hmong Education Reform Company, 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 an amended and restated Loan Agreement between the HRA and the Borrower (the “Loan Agreement”) to be used, together with funds held by the bond trustee for the Series 2012A Bonds (as defined below) and Hmong College Prep Academy, a Minnesota nonprofit corporation and public charter school (the “School”) and proceeds of a revenue bond to be issued by the Port Authority of the City of Saint Paul, to (i) finance costs related to the acquisition, construction and equipping of a new approximately 93,000 square foot middle school with approximately 45 classrooms, a new gym, robotics suite, offices, and other support areas on 3 floors and remodeling of an approximately 13,500 square foot portion of the existing school facility and an approximately 3,000 square foot addition thereto to connect the exis...
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