Title
Giving host approval to the issuance of conduit Multifamily Housing Revenue Bonds by the City of Coon Rapids on behalf of CommonBond Communities for the Community Plaza Project at 709 Central Avenue (District 8, Ward 1). (Public hearing continued from January 16)
Body
RECITALS
(a) Minnesota Statutes, Chapter 462C (the “Act”) confers upon cities the power to issue revenue bonds to finance or refinance 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 or under a joint powers agreement with the jurisdiction in which the development is located and pursuant to Minnesota Statutes, Section 471.59, as amended. By the terms of a joint powers agreement entered into through action of their governing bodies, two cities may jointly or cooperatively exercise any power common to the contracting parties or any similar powers, including those which are the same except for the territorial limits within which they may be exercised; and
(b) CommonBond Communities, a Minnesota nonprofit corporation (or one or more affiliated entities to be created, collectively, the “Borrower”), desires to finance (i) the acquisition, renovation, construction, and equipping of an approximately 36 unit rental housing facility and related amenities located at 11184 Hanson Boulevard NW in the City of Coon Rapids, Minnesota (“Coon Rapids”) known as the Galway Place Townhomes (the “Galway Townhomes”); and (ii) the acquisition, renovation, construction, and equipping of an approximately 40 unit rental housing facility and related amenities located at 709 Central Ave in the City of Saint Paul, Minnesota (“Saint Paul”) known as the Community Plaza (the “Community Plaza” and, together with the Galway Townhomes, the “Project”); and
(c) The Borrower will be the owner and operator of the Project; and
(d) ...
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