Title
Resolution Authorizing the Issuance of Conduit Multifamily Housing Revenue Bonds (West Side Flats Phase III B Apartment Project); Approving Related Documents; and Adopting a Housing Program, Northwest corner of Fillmore and Livingston Avenues, District 3, Ward 2
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”), is a political subdivision of the State of Minnesota, duly organized and existing under the Constitution and laws of the State of Minnesota; and
WHEREAS, pursuant to Minnesota Statutes, Chapter 462C, as amended (the “Act”) and by ordinance of the City of Saint Paul, Minnesota (the “City”), the HRA is authorized to carry out the public purposes described in the Act by issuing revenue bonds or other obligations to finance or refinance multifamily housing developments located within the City, and as a condition to the issuance of such revenue bonds, adopt a housing program providing the information required by Section 462C.03, subdivision 1a, of the Act; and
WHEREAS, in the issuance of the HRA’s revenue bonds and in the making of a loan to finance a multifamily housing development the HRA may exercise, within the corporate limits of the City, any of the powers that the Minnesota Housing Finance Agency may exercise under Minnesota Statutes, Chapter 462A, as amended, without limitation under the provisions of Minnesota Statutes, Chapter 475, as amended; and
WHEREAS, WSF Phase III B Limited Partnership, a Minnesota limited partnership (the “Borrower”), has requested that the HRA issue its revenue bonds under the Act and lend the proceeds thereof to the Borrower to: (i) finance the acquisition, construction and equipping of an approximately 82-unit multifamily rental housing development and functionally related facilities, with related parking, to be located on an approximately 2.6 acre site at the northwest corner of Fillmore and Livingston Avenues that is bounded by the Union Pacific railroad trac...
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