Title
Reciting a proposal for a housing program for a Multifamily Rental Housing Project; approving the project and the program pursuant to Minnesota Statutes, Chapter 462C; authorizing the Housing and Redevelopment Authority to issue Conduit Multifamily Housing Revenue Obligations and authorizing the preparation of necessary documents and materials in connection with said project and program, Afton View Apartments Project Located at 371 and 373 Winthrop Street South, 2180 and 2178 Londin Lane and 365 Winthrop Street South (District 1, Ward 7).
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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 multifamily housing developments within the boundaries of the city; and
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; and
WHEREAS, TDP St. Paul Housing, LP, a Minnesota limited partnership (or an affiliated entity, the “Borrower”), has requested that the HRA undertake a housing finance program (the “Housing Program”) to finance the Project hereinafter described, pursuant to Minnesota Statutes, Chapter 462C, through the issuance of tax exempt housing revenue bonds or notes in one or more series in an estimated aggregate principal amount not to exceed $20,500,000 (the “Bonds”); and
WHEREAS, the project to be financed by the Bonds is the acquisition, construction, rehabilitation and equipping of an existing approximately 286-unit multifamily housing development consisting of two 3-story building...
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