Title
Approving the proposed issuance of Conduit Revenue Bonds by the Housing and Redevelopment Authority for Nova Classical Academy Project, 1455 Victoria Way, under Minnesota Statutes, Sections 469.152 through 469.1655 (District 9, Ward 3).
Body
(a) 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 Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”), is authorized to issue revenue bonds to finance or refinance, 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
(b) The HRA has received a proposal from Friends of Nova Classical Academy, a Minnesota nonprofit corporation (the “Borrower”), that the HRA undertake a project as hereinafter described, pursuant to the Act, through the issuance of taxable and tax exempt conduit revenue bonds in one or more series in an estimated aggregate principal amount not to exceed $25,000,000 (the “Bonds”); and
(c) The Borrower will use the proceeds of the Bonds to (i) redeem and repay a portion of its Charter School Lease Revenue Bonds (Nova Classical Academy Project), Series 2016A (the “Series 2016A Bonds”) originally issued by the HRA in the aggregate principal amount of $16,830,000, the proceeds of which (a) financed the acquisition of two parcels of land bounded by Madson Street, Victoria Way and Kay Avenue in the City of Saint Paul, Minnesota (the “City”) and the construction and equipping of capital improvements to the land and to the original schoolhouse located at 1455 Victoria Way in the City (as improved, the “Original School Facility”); and (b) advanced refunded a portion of the HRA’s Charter School Lease Revenue Bonds (Nova Classical Academy Project), Se...
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