Title
Resolution Giving Preliminary Approval to the Proposed Issuance of Revenue Bonds for the Hmong College Prep Academy Project under Minnesota Statutes, Sections 469.152 through 469.1651, Ward 4, District 10
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "Authority") 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 469.152-469.1651, as amended (the "Act"), each housing and redevelopment authority of the State of Minnesota, including the Authority, 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, Hmong Education Reform Company, a Minnesota nonprofit corporation (the "Borrower") has requested that the Authority 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 Authority and the Borrower (the "Loan Agreement") to finance costs related to: (i) the renovation of an existing school facility (the "Schoolhouse") located at 1515 Brewster Street in the City of Saint Paul, Minnesota (the "City"), the acquisition of land, and the construction and equipping of a 78,000 square foot addition to the Schoolhouse (the "Project"); (ii) the funding of a debt service reserve fund; (iii) payment of a portion of the interest on the Bonds; and (iv) payment of a portion of the costs of issuing the Bonds; and
WHEREAS, the Project will be owned by the Borrower and will be leased to and operated by Hmong College Prep Academy, a Minnesota nonprofit corporation and an operating public charter school (the "School"); and
WHEREAS, the Authority's Lease Revenue Bonds (Hmong Academy Projec...
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