Title
Resolution Authorizing the Issuance of Revenue Bonds for the Ordway Center for the Performing Arts Project under Minnesota Statutes, Sections 469.152 through 469.1651 and Approving Related Documents, District 17, Ward 2.
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "Authority") 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 469.152-469.1651, as amended (the "Act"), each housing and redevelopment authority of the State of Minnesota, including the Authority, is authorized to issue revenue bonds to finance, 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, Ordway Center for the Performing Arts, a Minnesota nonprofit corporation (the "Borrower"), has represented to the Authority that it is proposing to (i) acquire, construct and equip an approximately 1100-seat concert hall to replace the existing 306-seat McKnight Theatre, (ii) acquire, construct and equip an approximately 15,000 square foot production wing, and (iii) renovation and expansion of approximately 21,000 square feet of office and back of house space (collectively, the "Project") to be located at 345 Washington Street in the City of Saint Paul, Minnesota (the "City"); and
WHEREAS, the Borrower has requested that the Authority issue one or more series of revenue bonds to be designated Performing Arts Facility Revenue Bonds (Ordway Project) (the "Bonds") and loan the proceeds derived from the sale of the Bonds to the Borrower, pursuant to the terms of a Loan Agreement, dated on or after December 1, 2012 (the "Loan Agreement"), between the Authority and the Borrower to finance costs related to: (i) the Project; (ii) the payment of interest on the Bonds; and ...
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