Title
Resolution giving host approval to the issuance by the City of Coon Rapids of conduit multifamily housing revenue bonds on behalf of CommonBond Communities, authorizing and approving a $250,000 CDBG loan and CDBG loan agreement, approving a joint powers agreement, approving a bond compliance and fee agreement and authorizing the execution of documents relating thereto, all for the Community Plaza project, 709 Central Ave, Saint Paul, District 8, Ward 1
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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) CB Galway-Community Limited Partnership (or a limited partnership or other entity to be formed by or affiliated with CommonBond Communities, the “Borrower”), desires to finance (i) the acquisition, renovation, construction, and equipping of an approximately 36 unit rental housing facility and related amenities located at 11184 Hanson Boulevard NW and 11200 Osage Avenue NW in the City of Coon Rapids, Minnesota (“Coon Rapids”) known as the Galway Place (the “Galway Townhomes”); and (ii) the acquisition, renovation, construction, and equipping of an approximately 40 unit rental housing facility and related amenities located at 709 Central Avenue W. in the City of Saint Paul, Minnesota (“Saint Paul”) known as the Community Plaza...
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