Title
Resolution giving preliminary approval to the proposed issuance of conduit revenue bonds for the Community School of Excellence Charter School Project, 270 Larpenteur Avenue West, under Minnesota Statutes, Section 469.152 through 469.1655, as amended, District 6, Ward 5
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) 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 469.152-469.1655, as amended (the “Act”), each housing and redevelopment authority in the State of Minnesota, including the HRA, is authorized to issue revenue bonds to finance or refinance, 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, CSE Building Company, a Minnesota nonprofit corporation (the “Borrower”), has requested that the HRA 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 HRA and the Borrower (the “Loan Agreement”) to finance the “Project,” which consists of: (i) the construction of a new approximately 65,000 square foot high school addition (the “Series 2023 Project”) on the existing charter school campus (the “School Facility”) located at 270 Larpenteur Avenue West in the City of Saint Paul, Minnesota; (ii) the refunding of the HRA’s Charter School Lease Revenue Bonds (Community School of Excellence Project), Series 2016A Bonds (the “Series 2016 Bonds”) issued in the original aggregate principal amount of $30,395,000 and currently outstanding in the amount of $29,725,000; (iii) funding capitalized interest for the Revenue Bonds, as necessary; (iv) funding a debt service reserve fund; and (v) paying costs associated with t...
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