Title
Resolution authorizing the issuance of conduit housing revenue obligations (Lonnie Adkins Court Apartments Project); approving related documents; and adopting a Housing Program, District 8, Ward 1
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”), is a political subdivision of the State of Minnesota, duly organized and existing under the Constitution and laws of the State of Minnesota; and
WHEREAS, pursuant to Minnesota Statutes, Chapter 462C, as amended (the “Act”) and by ordinance of the City of Saint Paul, Minnesota (the “City”), the HRA is authorized to carry out the public purposes described in the Act by issuing revenue bonds and notes to finance or refinance multifamily housing developments located within the City, and as a condition to the issuance of such revenue bonds and notes, adopt a housing program providing the information required by Section 462C.03, subdivision 1a, of the Act; and
WHEREAS, in the issuance of the HRA’s revenue bonds and notes and in the making of a loan to finance a multifamily housing development the HRA may exercise, within the corporate limits of the City, any of the powers that the Minnesota Housing Finance Agency may exercise under Minnesota Statutes, Chapter 462A, as amended, without limitation under the provisions of Minnesota Statutes, Chapter 475, as amended; and
WHEREAS, St. Paul Leased Housing Associates VII, LLLP, a Minnesota limited liability limited partnership (the “Borrower”), has requested that the HRA issue its revenue bonds and notes under the Act and lend the proceeds thereof to the Borrower to finance the following: (i) the acquisition and renovation of an existing 77 unit multifamily housing development into 77-79 units consisting of two 3-story buildings and three 2-story buildings located at 383 Western Avenue, 389 and 403 St. Anthony Avenue, 417 St. Anthony Avenue, 370-384 Arundel Street, 398-408 Central Avenue and 420-434 Central Avenue in...
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