Title
Resolution Giving Preliminary Approval to the Proposed Issuance of Conduit Revenue Bonds for the Gillette Children’s Specialty Healthcare Project under Minnesota Statutes, Sections 469.152 through 469.1655 Districts 3, 5 & 17, Wards 2 & 5
Body
WHEREAS, pursuant to Minnesota Statues, Sections 469.152 through 469.1655, as amended (the “Act”), the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”), is authorized to issue revenue Bonds, in one or more series, for the purpose of financing real and personal property, whether or not now in existence, which property is used or useful in connection with a revenue producing enterprise, whether or not operated for profit; and
WHEREAS, in enacting the Act, the Legislature found that the welfare of the State of Minnesota requires the active promotion, attraction, encouragement and development of economically sound industry and commerce to prevent, as far as possible, the emergence of blight and areas of chronic unemployment and to prevent economic deterioration and the welfare of the State also requires the provision of necessary health care facilities, so that adequate health care services are available to residents of the state at reasonable cost; and
WHEREAS, Gillette Children’s Specialty Healthcare, a Minnesota nonprofit corporation (the “Borrower”) has proposed that the HRA issue its revenue bonds or other obligations in the approximate total principal amount of $20,000,000, in one or more series (the “Bonds”) to (i) finance movable capital equipment to be located in space leased by the Borrower at 435 Phalen Boulevard, 455 Phalen Boulevard and 10 River Park Plaza, in the City of Saint Paul, Minnesota (the “City”); (ii) finance the expansion, renovation and equipping of approximately 31,125 square feet of the Borrower’s existing inpatient rehabilitation and adult units, advanced imaging, registration, family experience and other related clinic space leased by the Borrower in Reg...
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