Title
Giving preliminary approval for a Housing Finance Program for a multi-family rental housing development pursuant to Minnesota Statutes, Chapter 462C; authorizing the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota to issue conduit housing revenue bonds; and authorizing the preparation of necessary documents and materials in connection with said project and Program (Maryland Park Apartments Project). (Public hearing continued from March 19)
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 multi-family housing project 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 St. Paul Leased Housing Associates V, Limited Partnership, a Minnesota limited partnership (the "Borrower"), that the HRA undertake a housing finance program (the "Housing Program") to finance the Project hereinafter described, through the issuance of housing revenue bonds or notes in an estimated principal amount not to exceed $11,000,000 pursuant to Minnesota Statutes, Chapter 462C (the "Bonds");
(d) The Project to be financed by the Bonds is the acquisition, renovation and equipping of an existing 172-unit housing facility known as the Maryland Park Apartments located at 1619 Maryland Avenue East in the City (the "Project");
(e) The Project will be owned and operated by the Borrower.
(f) The propos...
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