Title
Resolution giving preliminary approval to the proposed issuance or amendment of conduit revenue bonds for the Cretin-Derham Hall School Project, 550 South Albert Street, under Minnesota Statutes, Sections 469.152 through 469.1655; District 15, Ward 3
Body
WHEREAS, pursuant to Minnesota Statues, Sections 469.152 through 469.1655, as amended (the “Act”), the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”), is authorized to issue revenue bonds to finance or refinance, in whole or in part, the costs of the acquisition, construction, improvement, or extension of revenue-producing enterprises, which property is used or useful in connection with a revenue producing enterprise, whether or not operated for profit; and
WHEREAS, in enacting the Act, the Legislature found that the welfare of the State of Minnesota requires the active promotion, attraction, encouragement and development of economically sound industry and commerce to prevent, as far as possible, the emergence of blight and areas of chronic unemployment and to prevent economic deterioration; and
WHEREAS, Cretin-Derham Hall, a Minnesota nonprofit corporation (the “Borrower”) has proposed that the HRA approve (i) amendments to the terms of Educational Facilities Revenue Refunding Note, Series 2013 (Cretin-Derham Hall Project), issued by the HRA on September 24, 2013 in the original aggregate principal amount of $11,630,000, approximately $10,880,000 of which is currently outstanding (as amended, the “Series 2013 Note”), and (ii) the issuance by the HRA of revenue notes in one or more series (the “Series 2019 Note” and, together with the Series 2013 Note, the “Notes”) pursuant to Minnesota Statutes, Sections 469.152-469.1655, as amended (the “Act”), proceeds of which will be loaned to Cretin-Derham Hall, a Minnesota nonprofit corporation (the “Borrower”), to finance the acquisition, construction and equipping of an approximately 6,000 square foot entry and gath...
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