Title
Resolution reciting a proposal for a Housing Finance Program for a multifamily rental housing development, giving preliminary approval to the project and the program pursuant to Minnesota Statutes, Chapter 462C, preliminary approval to issue conduit multifamily housing revenue obligations, and authorizing the preparation of necessary documents and materials in connection with said project and program for the Marvella Phase II Project, located at 2190 Hillcrest Drive in the City of Saint Paul, District 15, Ward 3
Body
(a) Minnesota Statutes, Chapter 462C (the “Act”), confers upon cities, or housing and redevelopment authorities or port authorities authorized by ordinance to exercise on behalf of a city the powers conferred by the Act, 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 multifamily housing developments within the boundaries of the city; and
(b) The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has been designated, by ordinance, to exercise, on behalf of the City of Saint Paul, Minnesota (the “City”) the powers conferred by Minnesota Statutes, Section 462C.01 to 462C.16; and
(c) The HRA has received a proposal from PHS Highland Park, LLC, a Minnesota limited liability company (or an affiliated entity, the “Borrower”), that the HRA undertake a housing finance program (the “Housing Program”) to finance the Project hereinafter described, pursuant to Minnesota Statutes, Chapter 462C, through the issuance of a tax exempt housing revenue notes or other obligations in one or more series at one time or from time to time in an estimated aggregate principal amount not to exceed $80,000,000 (the “Notes”); and
(d) The Project to be financed b...
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