Title
Resolution Authorizing the Issuance and Sale of Conduit Housing Revenue Obligations (2700 University at Westgate Station Housing Project), District 12, 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 multifamily housing developments within the boundaries of the city; and
(b) WHEREAS, 2700 University FC, LP (or an affiliate, the "Borrower") has requested that the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") issue its housing revenue notes and 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 notes and 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 October 15, 2014, following duly published notice, and following the public hearing, the City Council approved the Housing Program; and
(d) WHEREAS, the revenue notes and bonds will be issued in one or more series in an aggregate principal amount not to exceed $9,000,000, and will include a pledge of, among other things, revenues of the Project (the "Obligations"); and
(e) WHEREAS, the Borrower has requested that the HRA issue a portion of the principal amount of the Obligations as a Multifamily Housing Revenue Note, Series 2015A (2700 University at Westgate Station Housing Project) (the "Series 2015A Note") to be purchased by BMO Harris Bank N.A. (the "Senior Lender") in accordance with the terms of a Construct...
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