Title
Resolution giving preliminary approval to the proposed issuance of conduit revenue bonds for the Community School of Excellence Charter School Project under Minnesota Statutes, Section 469.152 through 469.1655, as amended, District 6, Ward 5
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 in 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, CSE Building Company, a Minnesota nonprofit corporation (the “Borrower”), has requested that the HRA issue one or more series of revenue bonds (the “Bonds”) and loan the proceeds derived from the sale of the Bonds to the Borrower, pursuant to the terms of a Loan Agreement between the HRA and the Borrower (the “Loan Agreement”) to finance the “Project,” which consists of: (i) the acquisition, construction and equipping of an approximately 127,000 square foot three-story school building to be located on an approximately 11.86 acre site at 270 Larpenteur Avenue in the City of Saint Paul, Minnesota (the “City”) for use as a public charter schoolhouse for students in kindergarten through grade eight (the “School Facility”); (ii) a debt service reserve fund; (iii) a portion of the interest on the Bonds; and (iv) the costs of issuing the Bonds; and
WHEREAS, the School Facility will be owned by the Borrower; and the School Facility will be leased to and operated by Community School of Excellence, a Minnesota nonprofit corporation and public charter school (the “School”); and
WHEREAS, the B...
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