Title
Resolution Authorizing the Issuance and Sale of Conduit Health Care Revenue Bonds under Minnesota Statutes, Sections 469.152 through 469.1655, for the Episcopal Homes Obligated Group (The Willows Project), 80 Mackubin Street and Approving Related Documents; District 8, Ward 1
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 of 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 any properties, real or personal, used or useful in connection with a revenue producing enterprise, whether or not operated for profit, engaged in providing health care services, including hospitals, nursing homes, and related medical facilities; and
WHEREAS, Willows of Episcopal Homes, LLC, a Minnesota limited liability company (the “Borrower”), whose sole member is Episcopal Homes of Minnesota, a Minnesota nonprofit corporation and organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Sole Member”), has requested that the HRA issue one or more series of revenue bonds to be designated the Health Care Revenue Bonds (Episcopal Homes Obligated Group), Series 2026 (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 be used to (i) finance the acquisition of a 58-unit state-licensed assisted living and memory care facility serving seniors with dementia, Alzheimer’s and other memory loss located at 80 Mackubin Street in the City ...
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