Title
Resolution Authorizing the Issuance of Conduit Charter School Lease Revenue Bonds for the High School for Recording Arts Project under Minnesota Statutes, Sections 469.152 through 469.1655 and Approving Related Documents, District 13, Ward 1.
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) 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 469.152-469.1655, as amended (the “Act”), each housing and redevelopment authority of the State of Minnesota, including the HRA, 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, HSRA Building Company, a Minnesota nonprofit corporation (the “Borrower”), has represented to the HRA that it is proposing to assist the High School for Recording Arts, a Minnesota nonprofit corporation and charter school (the “School”), in (i) the acquisition of an approximately 36,521 square condominium unit subdivided portion (the “Existing Facility”) of an existing approximately 44,000 square foot building located on approximately 3 acres of land located at 1166 University Avenue in the City, (ii) the acquisition, construction and equipping of a new approximately 8,000 square foot addition to the Existing Facility for use as a gymnasium, and (iii) the renovation of the Existing Facility into more classrooms, movement studios, student spaces and locker rooms all for use as a public charter school facility for grade nine through grade twelve (collectively, the “Facility”); and
WHEREAS, the Borrower has requested that the HRA issue one or more series of revenue bonds to be designated Charter School Lease Revenue Bonds (High School for Recording Arts Project) (the “Bonds”) and loan the...
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