Title
Authorizing the Housing and Redevelopment Authority to issue Housing Revenue Refunding Bonds pursuant to Minnesota Statutes, Chapter 462C, and authorizing the preparation of necessary documents and materials in connection with said refinancing.
Body
(a) Minnesota Statutes, Chapter 462C (the "Act"), confers upon cities, or housing and redevelopment authorities authorized by ordinance to exercise on behalf of a city the powers conferred by the Act, the power to issue revenue bonds and refunding bonds to finance a program for the purposes of planning, administering, making or purchasing loans with respect to one or more multifamily housing 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, Sections 462C.01 to 462C.08;
(c) The HRA has received a proposal from Wellington PFP, LLC, Wellington NFLP, LLC, Wellington SHN, LLC, and Wellington HRG, LLC, each a Minnesota limited liability company (together, the "Company"), that the HRA issue its housing revenue refunding bonds pursuant to the Act in an aggregate principal amount not to exceed $5,695,000 (the "Refunding Bonds") to refund certain multifamily housing revenue refunding bonds (the "Prior Bonds") previously issued by the HRA and thereby refinance the project hereinafter described;
(d) Proceeds of the Prior Bonds were loaned to the Company in order to refinance the latest in a series of bonds originally issued to finance the acquisition and construction of a 122-unit senior housing facility, located at 2235 West Rockwood Avenue in the City (the "Project");
(e) The proposal calls for the HRA to loan the proceeds of the Refunding Bonds to the Company pursuant to a loan agreement wherein the Company will be oblig...
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