Title
Resolution Approving Amendments to and Authorizing the Reissuance of Conduit Multifamily Housing Revenue Bonds and Authorizing the Preparation of Necessary Documents and Materials in Connection with Said Amendments, 801 Mt Curve Boulevard, 2265 Hillcrest Avenue and 2285 Hillcrest Avenue (Emma Norton/Restoring Waters and Nellie Francis Court Projects), District 15, Ward 3
Body
(a) The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”), is a political subdivision of the State of Minnesota, duly organized and existing under the Constitution and laws of the State of Minnesota;
(b) Pursuant to Minnesota Statutes, Chapter 462C, as amended (the “Act”), and by ordinance of the City of Saint Paul, Minnesota (the “City”), the HRA is authorized to carry out the public purposes described in the Act by issuing revenue bonds or other obligations to finance or refinance multifamily housing developments located within the City, and as a condition to the issuance of such revenue bonds, adopt a housing program providing the information required by Section 462C.03, subdivision 1a, of the Act;
(c) In connection with the issuance of the HRA’s revenue bonds and in the making of a loan to finance a multifamily housing development, the HRA may exercise, within the corporate limits of the City, any of the powers that the Minnesota Housing Finance Agency may exercise under Minnesota Statutes, Chapter 462A, as amended, without limitation under the provisions of Minnesota Statutes, Chapter 475, as amended;
(d) On November 22, 2022, the HRA issued and sold to Greater Minnesota Housing Fund, a Minnesota nonprofit corporation (the “Nellie Francis Lender”), its $11,200,000 Multifamily Housing Revenue Bond (Nellie Francis Court Project), Series 2022 (the “Nellie Francis Bond”), to (i) finance the acquisition, construction and equipping of an approximately 78,162 square-foot, 5-story building containing approximately 75 af...
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