Title
Giving preliminary approval pursuant to Minnesota Statutes, Chapter 462C for a Housing Finance Program proposal for a combination multifamily rental housing and health care project; authorizing the Housing and Redevelopment Authority to issue Senior 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), District 13, Ward 4.
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 care 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 HRA has received a proposal from Episcopal Homes on University Avenue, LLC and The Terrace at Iris Park, LLC, both Minnesota nonprofit limited liability companies (collectively, the "Borrowers"), the sole member of each of which is Episcopal Homes of Minnesota, a Minnesota nonprofit corporation (the "Sole Member"), that the HRA undertake a program (the "Housing Program") to finance the Project hereinafter described, through the issuance of housing and health care revenue bonds in the estimated principal amount of $30,000,000 pursuant to Minnesota Statutes, Chapter 462C (the "Bonds");
(d) The proceeds of the Bonds will be applied to (i) finance the acquisition, construction and equipping of an expansion to the existing housing and health care campus ...
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