Title
Approving a public hearing on the issuance of conduit multifamily housing revenue bonds by the Housing and Redevelopment Authority (the “HRA”) for a multifamily rental housing development project located at 484 Temperance Street and 211 Seventh Street East; reciting a proposal for a Housing Finance Program related to such multifamily rental housing development; approving the related project and program pursuant to Minnesota Statutes, Chapter 462C; approving the assignment and assumption of an existing Met Council Loan and Note; authorizing the HRA to issue conduit multifamily housing revenue bonds and authorizing the preparation of necessary documents and materials in connection with said project and program, and related documents (District 17, Ward 2).
Body
(a) Minnesota Statutes, Chapter 462C, as amended (the “Act”) confers upon cities, or housing and redevelopment authorities or port authorities authorized by ordinance to exercise on behalf of a city the powers conferred by the Act, the power to issue revenue notes to finance 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; and
(b) The HRA has been designated, by ordinance, to exercise, on behalf of the City of Saint Paul, Minnesota (the “City”) the powers conferred by Minnesota Statutes, Section 462C.01 to 462C.081, as amended; and
(c) The HRA has received a proposal from Affordable Housing Preservation Corporation, a Florida not-for-profit corporation and 501(c)(3) organization (the “Sole Member”), on behalf of AHPC Sibley Court LLC, a Delaware limited liability company (“AHPC Sibley Court LLC”), whose sole member is the Sole Member, and AHPC Sibley Park LLC (“AHPC Sibley Park LLC,” and together with AHPC Sibley Court LLC, the “Borrowers”), whose sole member is the Sole Member, that the HRA undertake a housing finan...
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