Title
Resolution Giving Preliminary Approval to the Proposed Issuance of Revenue Bonds for the Twin Cities German Immersion School Project under Minnesota Statutes, Sections 469.152 through 469.1651, District 6, Ward 5
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “Authority”) is duly organized and existing under the Constitution and laws of the State of Minnesota; and
WHEREAS, under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152-469.1651, as amended (the “Act”), each housing and redevelopment authority of the State of Minnesota, including the Authority, is authorized to issue revenue bonds to finance, in whole or in part, the costs of the acquisition, construction, improvement, or extension of revenue producing enterprises, whether or not operated for profit; and
WHEREAS, Educational Properties TCGIS, LLC, a Minnesota limited liability company (the “Borrower”), the sole member of which is Educational Properties, Inc., a Delaware nonprofit corporation, has requested that the Authority issue one or more series of revenue bonds (the “Bonds”) and loan the proceeds derived from the sale of the Bonds to the Borrower, pursuant to the terms of a Loan Agreement between the Authority and the Borrower (the “Loan Agreement”) to finance costs related to: (i) the acquisition, renovation, construction and equipping of an existing approximately 29,400 square foot school building located at 1028-1030 Van Slyke Avenue in the City of Saint Paul, Minnesota (the “City”), an existing approximately 11,000 square foot church building located at 1031 Como Avenue in the City and the acquisition, construction and equipping of an approximately 20,180 square foot addition to the existing buildings all for use as a public charter schoolhouse for kindergarten through grade eight (the “School Facility”) (ii) the funding of a debt service reserve fund; (iii) the payment of a portion of the interest ...
Click here for full text