Title
Authorizing issuance of and negotiated sale of Special Assessment Revenue Bonds (Highland Bridge Project), Series 2021E.
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PREAMBLE
A. WHEREAS, the City of Saint Paul, Minnesota (the “City”), has incurred and will incur capital costs for certain public roads, street improvements, water, sanitary and stormwater facilities and other public utility and infrastructure improvements (the “Public Infrastructure”) to an approximately 122 acres site, commonly known as “Highland Bridge” or the “Ford Redevelopment Site”, located at 966 Mississippi River Boulevard in the City; and
B. WHEREAS, this Council has determined that a portion of the capital costs of the Public Infrastructure (the “429 Improvement Project”) which is described in more detail in EXHIBIT B attached hereto, should be financed in whole or part through the issuance of one or more series of tax-exempt special assessment bonds pursuant to the authority granted by the City’s home rule charter and by Minnesota Statutes, Chapter 429, 469 and 475, as amended (collectively, the “Act”); and
C. On December 18, 2019, the City, Project Paul, LLC, as developer (the “Developer”), and MN Ford Site Apartment Land LLC (“Weidner”) entered into a Special Assessment Agreement, Petition and Waiver (Ford Site) (the “Special Assessment Agreement”) whereby the Developer and Weidner as land owners of all of the real property in the Ford Redevelopment Site agreed that a portion of the cost of the 429 Improvement Project will be financed by the imposition of special assessments (the “Special Assessments”) on all of the lots in Highland Bridge owned by the Developer and Weidner at the time they entered into the Special Assessment Agreement. The Special Assessment Agreement is attached to this Resolution as EXHIBIT C. In addition, the Special Assessment Agreement clearly indicates that the Special Assessments will transfer to subsequent owners of the lots that t...
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