Title
Resolution Authorizing the Issuance of Revenue Bonds for Saint Paul Conservatory for Performing Artists Project under Minnesota Statutes, Sections 469.152 through 469.1651 and Approving Related Documents, District 17, Ward 2
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “Authority”) is duly organized and existing under the Constitution and laws of the State of Minnesota; and
WHEREAS, under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152-469.1651, as amended (the “Act”), each housing and redevelopment authority of the State of Minnesota, including the Authority, is authorized to issue revenue bonds to finance, 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
WHEREAS, SPCPA Building Company, a Minnesota nonprofit corporation (the “Borrower”), has represented to the Authority that it is proposing to assist Saint Paul Conservatory for Performing Artists, an operating public charter school (the “School”), which is authorized by Ordway Center for the Performing Arts, a Minnesota non-profit corporation, in the acquisition, construction, renovation and equipping of approximately 60,000 square feet of an existing building located at 350 St. Peter Street in the City of Saint Paul, Minnesota (the “City”) for use as a school facility for grades 9 through 12 (the “Schoolhouse”); and
WHEREAS, the Borrower has requested that the Authority issue one or more series of revenue bonds to be designated Lease Revenue Bonds (Saint Paul Conservatory for Performing Artists Project) (the “Bonds”) and loan the proceeds derived from the sale of the Bonds to the Borrower, pursuant to the terms of a Loan Agreement, dated on or after March 1, 2013 (the “Loan Agreement”), between the Authority and the Borrower to finance costs related to: (i) the acquisition, construction, renovati...
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