Title
Resolution Giving Preliminary Approval of Conduit Multifamily Housing Revenue Bonds; 365 Winthrop Street S, Afton View Apartments Project, District 1, Ward 7
Body
WHEREAS, Minnesota Statutes, Chapter 462C (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 bonds to finance a program for the purposes of planning, administering, making or purchasing loans with respect to one or more multi-family housing project developments within the boundaries of the city;
WHEREAS, The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (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;
WHEREAS, The HRA has received a request from TDP St. Paul Housing, LP, a Minnesota limited partnership (or another entity formed by Tareen Development Partners, the “Borrower”), that the HRA assist in financing the Project hereinafter described, through the issuance of housing revenue bonds or notes in an estimated principal amount not to exceed $20,500,000 pursuant to Minnesota Statutes, Chapter 462C (the “Bonds”);
WHEREAS, The project to be financed by the Bonds is the acquisition, construction and rehabilitation of an existing approximately 286 unit multifamily housing development consisting of two 3-story buildings located at 371 and 373 Winthrop St. S., 2180 and 2178 Londin Lane and 365 Winthrop St. S. in the City (the “Project”);
WHEREAS, The Project will be owned and operated by the Borrower;
WHEREAS, The Borrower has agreed to submit, for staff approval, a written communication plan outlining how communication with residents, as well as broader community engagement, will be managed throughout the acquisition, rehabilitation, and ongoing operation of th...
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