Title
Resolution giving Preliminary Approval to the Proposed Issuance of Lease Revenue Refunding Bonds for the Higher Ground Academy Project under Minnesota Statutes, Sections 469.152 through 469.1651
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, Higher Ground Building 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) refunding the Authority’s Lease Revenue Bonds (Higher Ground Academy Project), Series 2004 which previously financed the existing school facility at 1381 Marshall Avenue (the “Schoolhouse”) in the City of Saint Paul, Minnesota (the “City”) operated by the Higher Ground Academy, a Minnesota nonprofit corporation (the “School”); (ii) refunding the Authority’s Lease Revenue Bonds (Higher Ground Academy Project), Series 2009 which previously financed the Schoolhouse; (iii) financing the acquisition and installation in the Schoolhouse of equipment for two Science, Technology, Engineering and Mathematics laboratories; (iv) financing the acquisition and installation in space leased to the School in the Dar al Farooq Youth and Family Center, locate...
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