Title
Approving the issuance by the City of Mounds View of conduit Multifamily Housing Revenue Bonds (for a project in St. Paul), approving a Joint Powers Agreement, Bond Compliance, Fee Agreement, and authorizing the execution of documents relating thereto, for the Joseph’s Point at Upper Landing Project, at 200 Wilkin Street (District 9, 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) Schafer Richardson, LLC, a Minnesota limited liability company (or another entity to be formed by or affiliated with Schafer Richardson, LLC, the “Borrower”), proposes to finance the acquisition, renovation, construction and equipping of an existing 90-unit apartment community, related amenities and underground parking all located at 200 Wilkin Street in Saint Paul, Minnesota (“Saint Paul”) (the “Project”); and
(c) The Borrower will be the owner and operator of the Project; and
(d) In order to proceed with the Project in the next calendar year, the Borrower has proposed that the City of Mounds View, Minnesota (“Mounds View”) undertake a housing finance program (the “Housing Program”) to finance the Project pursuant to the Act through the issuance by Moun...
Click here for full text