Title
Resolution Authorizing a HOME Loan and the Issuance and Sale of Senior Housing and Health Care Revenue Bonds (Episcopal Homes Project) District 13, Ward 4
Body
(a) WHEREAS, 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, which include 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; and
(b) WHEREAS, 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, have requested that the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) issue its housing and health care revenue bonds to provide financing, in whole or in part, for a Project (as defined below); and
(c) WHEREAS, the proposal for the financing of the Project by the issuance of the revenue bonds is described and set forth in a Housing Program (the “Housing Program”); a public hearing on the Housing Program and Project was held by the City Council of the City of Saint Paul, Minnesota (the “City”) on March 20, 2013, following duly published notice, and following the public hearing, the City Council approved the Housing Program; and
(d) WHEREAS, the Borrowers have also requested a HOME Loan in the amount of $500,000 to finance a portion of the costs of the Project (the “HOME Loan”); and
(e) WHEREAS, the revenue bonds will be issued in one or more series in an aggregate principal amount not to exceed $30,000,000, and will include a pledge of, among other things, revenues of the Project (the “Bonds”); and
(f) WHEREAS, the Bor...
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