Title
Resolution authorizing an amendment to the final approval of the issuance and sale of conduit multi-family housing revenue bonds for the Millberry Workforce Apartment Project to be located at 778 Berry Street, and execution of related documents, District 12, Ward 4
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 or other obligations 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 X, LLLP, a Minnesota limited 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: (i) finance the acquisition, construction and equipping of an approximately 121-unit workforce multifamily rental housing development and functionally related facilities, contained in an approximately 4-story building, with underground parking, to be located at 778 Berry Street in the City (the “Proje...
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