Title
Resolution authorizing the issuance of revenue bonds for Twin Cities German Immersion School Project under Minnesota Statutes, Sections 469.152 through 469.1651 and approving related documents
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, Education Properties TCGIS, LLC, a Minnesota limited liability company, or an affiliate (the “Borrower”), the sole member of which is Educational Properties, Inc., a Delaware nonprofit corporation (the “Sole Member”), has represented to the Authority that it is proposing to assist Twin Cities German Immersion School, an operating public charter school (the “School”), in 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 “Schoolhouse”); and
WHEREAS, the Borrower has requested that the Authority issue one or more series of revenue bonds to be designated Charter School Lease Revenue Bonds (Twin Cities German Immersion School Project) (the “Bonds”) and loan th...
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