Title
Approving the Proposed Issuance of Conduit Revenue Bonds by the Housing and Redevelopment Authority for the Twin Cities German Immersion School Project, 1031 Como Avenue, under Minnesota Statutes, Sections 469.152 through 469.1655 (District 10 Ward 5).
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 Twin Cities German Immersion School Building Company, a Minnesota nonprofit corporation and 501(c)(3) organization (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 $10,000,000 (the “Bonds”); and
(c) The Borrower will use the proceeds of the Bonds to (i) redeem and prepay certain outstanding Charter School Lease Revenue Bonds (Twin Cities German Immersion School Project) Series 2013A, issued by the HRA on May 21, 2013, in the original aggregate principal amount of $8,270,000 which originally financed the acquisition, renovation, construction and equipping of an existing approximately 29,400 square foot school building, an existing approximately 11,000 square foot church building and an approximately 20,180 square foot addition to the existing buildings located at 1031 Como Avenue in the City of Saint Paul, Minnesota (the “City”) for use as a public charter schoolhouse for...
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