Title
Resolution Authorizing the Issuance, Sale and Delivery of Conduit Multifamily Housing Revenue Bonds (Maryland Park Apartments Project), Series 2014; Adopting a Housing Program Pursuant to Minnesota Statutes Chapter 462C; and Approving the Form and Authorizing the Execution and Delivery of the Bonds and Related Documents, District 2, Ward 6.
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 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, St. Paul Leased Housing Associates V, 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 finance the following: (i) the acquisition, renovation and equipping of an existing 172-unit housing facility known as the Maryland Park Apartments located at 1619 Maryland Avenue East in the City (the “Project”); (ii) the payment of interest on the bo...
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