Title
Reciting a proposal for a Housing Finance Program for a conduit multifamily rental housing project, giving preliminary approval to the project and the program pursuant to Minnesota Statutes, Chapter 462C, authorizing the Housing and Redevelopment Authority to issue Multifamily Housing Revenue Bonds and authorizing the preparation of necessary documents and materials in connection with said project and program (The Waters of Highland Park Project).
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 multifamily housing 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 Senior Care Communities, a District of Columbia nonprofit corporation (the "Borrower"), that the HRA undertake a program (the "Housing Program") to finance the Project hereinafter described, through the issuance of housing revenue bonds in the estimated principal amount of $25,000,000 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 approximately 85-unit senior rental housing facility, including 42 underground parking spaces and a variety of common areas, to be located at 678 Snelling Avenue South in the City; (ii) to pay costs of issuance and other costs related to the issuance of the bonds; and (iii) to fund certain res...
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