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Approving amendments to and authorizing the reissuance of Conduit Multifamily Housing Revenue Bonds and authorizing the preparation of necessary documents and materials in connection with said amendments, 801 Mt Curve Boulevard, 2265 Hillcrest Avenue and 2285 Hillcrest Avenue (Emma Norton/Restoring Waters and Nellie Francis Court Projects), (District 15, Ward 3).
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(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;
(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.081; and
(c) On November 22, 2022, the HRA issued and sold to Greater Minnesota Housing Fund, a Minnesota nonprofit corporation (the “Nellie Francis Lender”), its $11,200,000 Multifamily Housing Revenue Bond (Nellie Francis Court Project), Series 2022 (the “Nellie Francis Bond”), to (i) finance the acquisition, construction and equipping of an approximately 78,162 square-foot, 5-story building containing approximately 75 affordable workforce rental housing units, underground parking and related facilities located at 2285 Hillcrest Avenue in the City (the “Nellie Francis Project”), owned and operated by Nellie Francis Court Limited Partnership, a Minnesota limited partnership (the “Nellie Francis Borrower”); (ii) fund one or more reserve funds to secure the timely payment of the Nellie Francis Bond, if necessary; (iii) pay interest on the Nellie Francis Bond during the construction of the Nel...
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