Title
Resolution Authorizing the Issuance of Conduit Multifamily Housing Revenue Bonds (The Cambric Apartments Project), Series 2015 in an Amount not to Exceed $14,850,000; Approving Related Documents; Adopting a Housing Program; Authorizing the Execution of a TIF Development Agreement; Approving the Sale of Land; Authorizing the Issuance of a HOME Loan of $975,000; Waiving of the Developer's Fee Policy; and Authorizing an Amendment of the HRA Budget.
Body
WHEREAS, 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; and
WHEREAS, 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 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; and
WHEREAS, in 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; and
WHEREAS, St. Paul Leased Housing Associates VI, LLLP, a Minnesota liability limited partnership (the "Borrower"), has requested that the HRA issue its revenue bonds under the Act and lend the proceeds thereof to the Borrower to finance the following: Â (i) the acquisition, construction and equipping of an approximately 113 unit senior housing development with underground par...
Click here for full text