Title
Reciting a proposal for a Housing Finance Program for a multifamily rental housing development, approving the project and the program pursuant to Minnesota Statutes, Chapter 462C, authorizing the Housing and Redevelopment Authority 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 (District 15, Ward 3).
Body
WHEREAS, 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
WHEREAS, 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
WHEREAS, the HRA has received a proposal from PHS Highland Park, LLC, a Minnesota limited liability company, the sole member of which is PHS Highland Park, Inc., a Minnesota nonprofit corporation (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 in one or more series in an estimated aggregate principal amount not to exceed $80,000,000 (the “Notes”); and
WHEREAS, the Project to be financed by the Notes is the acquisition, construction and equipping of an approximately 125-unit senior multifamily rental housing deve...
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