Title
Resolution Authorizing the Issuance of Conduit Charter School Lease Revenue Bonds for the Community School of Excellence Project under Minnesota Statutes, Sections 469.152 through 469.1655 and Approving Related Documents, District 6, Ward 5
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) is duly organized and existing under the Constitution and laws of the State of Minnesota; and
WHEREAS, under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152-469.1655, as amended (the “Act”), each housing and redevelopment authority of the State of Minnesota, including the HRA, is authorized to issue revenue bonds to finance, in whole or in part, the costs of the acquisition, construction, improvement, or extension of revenue producing enterprises, whether or not operated for profit; and
WHEREAS, CSE Building Company, a Minnesota nonprofit corporation (the “Borrower”), has represented to the HRA that it is proposing to assist Community School of Excellence, a Minnesota nonprofit corporation and charter school (the “School”), in the acquisition, construction and equipping of an approximately 127,000 square foot, three-story school building to be located on an approximately 11.86 acre site at 270 Larpenteur Avenue in the City of Saint Paul, Minnesota (the “City”) for use as a public charter school facility for grade kindergarten through grade eight (the “Facility”); and
WHEREAS, the Borrower has requested that the HRA issue one or more series of revenue bonds to be designated Charter School Lease Revenue Bonds (Community School of Excellence Project) (the “Bonds”) and loan the proceeds derived from the sale of the Bonds to the Borrower, pursuant to the terms of a Loan Agreement, dated on or after June 1, 2016 (the “Loan Agreement”), between the HRA and the Borrower to finance costs related to: (i) the acquisition, construction and equipping of the Facility (the “Project”); (ii) ...
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