Title
Resolution Approving the Issuance and Sale of Conduit Multifamily Housing Revenue Notes (Model Cities BROWNstone Residential Project), Authorizing the Execution of Documents Relating thereto, Authorizing the Execution of Development Agreements and Certain Loan Agreements for the BROWNstone Residential and Commercial Projects and the Execution of Documents Relating thereto. District 7, 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 or notes to finance or refinance multifamily housing developments located within the City, and as a condition to the issuance of such revenue bonds, 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 or 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, the HRA has received a proposal that it issue housing revenue notes in one or more series (the “Notes”) in an aggregate amount not to exceed $5,000,000 to provide funds to be loaned to Model Cities BROWNstone Limited Partnership, a Minnesota limited partnership (the “Borrower”) to (i) finance the acquisition, construction and equipping of a multifamily housing facility consisting of approximately 35 units to be...
Click here for full text