Title
Resolution giving preliminary approval to the proposed issuance of conduit revenue bonds for the High School for Recording Arts Project under Minnesota Statutes, Sections 469.152 through 469.1655, District 13, Ward 1
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") is duly organized and existing under the Constitution and laws of the State of Minnesota; and
WHEREAS, under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152-469.1655, as amended (the "Act"), each housing and redevelopment authority in the State of Minnesota, including the HRA, is authorized to issue revenue bonds to finance, in whole or in part, the costs of the acquisition, construction, improvement, or extension of revenue producing enterprises, whether or not operated for profit; and
WHEREAS, HSRA Building Company, a Minnesota nonprofit corporation (the "Borrower"), has requested that the HRA issue one or more series of revenue bonds (the "Bonds") and loan the proceeds derived from the sale of the Bonds to the Borrower, pursuant to the terms of a Loan Agreement between the HRA and the Borrower (the "Loan Agreement") to finance: (i) the acquisition of an approximately 36,521 square condominium unit subdivided portion (the "Existing Facility") of an existing approximately 44,000 square foot building located on approximately 3 acres of land located at 1166 University Avenue in the City, (ii) the acquisition, construction and equipping of a new approximately 8,000 square foot addition to the Existing Facility for use as a gymnasium; (iii) the renovation of the Existing Facility into more classrooms, movement studios, student spaces and locker rooms all for use as a public charter school facility for grade nine through grade twelve (the "Facility"); (iv) a debt service reserve fund; (v) a portion of the interest on the Bonds; and (vi) the costs of issuing the Bonds (the "Project"); and
WHEREA...
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