Title
Resolution Consenting to the Issuance by the City of Landfall Village, Minnesota of a Commercial Development Revenue Note on Behalf of Goodwill Industries, Inc.
Body
WHEREAS, Goodwill Industries, Inc., a Minnesota nonprofit corporation (the "Borrower"), desires to finance the acquisition, construction and equipping of an approximately 33,226 square foot Goodwill retail store which will also provide job training and program development to certain store employees to be located at 1221 University Avenue West, Saint Paul, Minnesota (the "Project"); and
WHEREAS, Bremer Bank, National Association ("Bank") has agreed to finance the Project through purchase of a tax exempt revenue note in the approximate aggregate principal amount of $6,575,000 (the "Note") issued pursuant to Minnesota Statutes, Sections 469.152 through 469.1655, as amended; and
WHEREAS, the commitment of the Bank to buy the Note is conditioned upon it being designated by the issuer as a "qualified tax-exempt obligation" ("bank qualified") under Section 265(b) of the Internal Revenue Code of 1986, as amended (the "Code"); and
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul (the "HRA") is not able to issue bank qualified obligations for this project because it expects to issue more than $10,000,000 in obligations for use by other nonprofit organizations or for its own corporate use in calendar year 2015 and the Port Authority of the City of Saint Paul has declined to issue bank qualified obligations for this project in order to preserve its ability to issue for other projects; and
WHEREAS, the City of Landfall Village ("Landfall"), a community of approximately 686 residents living in approximately 300 low-income, manufactured housing units is less than 7 miles from the City of Saint Paul, Minnesota (the "City") and many of Landfall's residents use social services and shop at businesses in the City, including the Goodwill Project; and
WHEREAS, Landfall is ...
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