Title
Resolution approving the issuance by the City of Rochester of conduit Multifamily Housing Revenue Bonds on behalf of Eastridge Housing Partners, LP using, in part, recycled bonding authority from the Pioneer Press Building Project, 345 Cedar Street, District 17, Ward 2
Body
RECITALS
(a) Minnesota Statutes, Chapter 462C (the “Act”) confers upon cities the power to issue revenue bonds to finance or refinance 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 or under a joint powers agreement with the jurisdiction in which the development is located and pursuant to Minnesota Statutes, Section 471.59, as amended. By the terms of a joint powers agreement entered into through action of their governing bodies, two cities may jointly or cooperatively exercise any power common to the contracting parties or any similar powers, including those which are the same except for the territorial limits within which they may be exercised; and
(b) Eastridge Housing Partners, LP, a Minnesota limited partnership, (or an affiliated entity, the “Borrower”), desires to finance the acquisition, rehabilitation, and equipping of an approximately 126-unit multifamily rental housing development consisting of six 3-story buildings and functionally related facilities, with its office located at 2009 17th Street SE in the City of Rochester (the “Project”); and
(c) The Borrower will be the initial owner and operator of the Project; and
(d) In order to better leverage public funding by recycling bonding authority as permitted by Section 146(i)(6) of the Internal Revenue Code of 1986, as amended (the “Code”), the Borrower has proposed that the City of Rochester, Minnesota (the “Issuer”) undertake a housing finance program (the “Housing Program”) to finance the Project pursuant to the Act through the issuance by Issuer of housing revenue bonds in one or more series in...
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