Title
Resolution Authorizing Execution of Amendment to Conduit Note and Related Documents (Nativity School Project), 1900 Stanford Avenue, District 14, Ward 3
Body
(a) The Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has heretofore issued its $8,000,000 Educational Facilities Revenue Note, Series 2007 (Nativity School Project) (the “Note”) which is held by Premier Bank (the “Lender”). The proceeds of the Note financed the acquisition, construction and equipping of the school facilities owned and operated by The Church of the Nativity of Our Lord, a Minnesota non-profit corporation (the “Borrower”) located at 1900 Stanford Avenue (the “Project”) in the City of Saint Paul (the “City”).
(b) At the Borrower’s request, the Lender has agreed to (i) reduce the interest rate on the Note, prior to the scheduled interest rate adjustment date, for the five year period beginning November 1, 2016 and ending October 31, 2021, (ii) reduce the interest rate floor, (iii) adjust the interest rate adjustment dates, and (iv) extend the maturity of the Note and reduce monthly payments by amortizing the remaining principal balance of the Note over a 20-year period with a balloon maturity.
(c) The Borrower has requested that the HRA approve an Amendment No. 2 to Educational Facilities Revenue Note, Series 2007 (Nativity School Project) (the “Note Amendment”) and an Amendment No. 2 to Loan Agreement (the “Amendment to Loan Agreement”) amending that certain Loan Agreement, dated as of May 4, 2007 (as previously amended, the “Loan Agreement”) to, among other things, authorize the changes described above.
(d) In accordance with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), the HRA held a public hearing on the Project on this date following duly published notice.
NOW THEREFORE, BE IT RESOLVED By the Board of Commissioners of the Housing and Redevelopment Authority of the City of S...
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