Title
Granting preliminary approval to a proposal for a Housing Finance Program for a combination multifamily rental housing and health care project, pursuant to Minnesota Statutes, Chapter 462C; authorizing the Housing and Redevelopment Authority to issue Housing and Health Care Revenue Bonds; and authorizing the preparation of necessary documents and materials in connection with said project and program. (Episcopal Homes Project)
Body
(a) Minnesota Statutes, Chapter 462C (the “Act) confers upon cities, or housing and redevelopment authorities or port authorities authorized by ordinance to exercise on behalf of a city the powers conferred by the Act, the power to issue revenue bonds to finance a program for the purposes of planning, administering, making or purchasing loans with respect to one or more combination multifamily housing and health developments within the boundaries of the city;
(b) The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has been designated, by ordinance, to exercise, on behalf of the City of Saint Paul, Minnesota (the “City”) the powers conferred by Minnesota Statutes, Section 462C.01 to 462C.081;
(c) The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has received a proposal from Episcopal Church Home of Minnesota and Iris Park Commons, both Minnesota nonprofit corporations (collectively the “Borrowers”), that the HRA undertake a program (the “Housing Program”) to finance or refinance the Project hereinafter described, through the issuance of housing and health care revenue bonds in the estimated principal amount of $10,500,000 pursuant to Minnesota Statutes, Chapter 462C (the “Bonds”);
(d) The proceeds of the Bonds will be applied to (i) refund the City of Minneapolis, Minnesota Pooled Revenue Bonds (CareChoice Member Projects), Series 1999; (ii) refund the HRA’s Rental Housing Revenue Note (Iris Park Commons Project), Series 2001; (iii) refinance other debt...
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