Title
Resolution authorizing the issuance of a conduit housing revenue note (Wilson II Project); approving related documents; and adopting a Housing Program, District 4, Ward 7
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 note 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, Wilson II Apartments, Limited Partnership, a Minnesota limited partnership (the “Borrower”), has requested that the HRA issue its revenue note under the Act and lend the proceeds thereof to the Borrower to finance the following: (i) the acquisition, construction and equipping of an approximately 114-unit, 3-story multifamily rental housing development to be located on an approximately 2.5 acre site in the City, such site will be assembled by combining excess land subdivided from the existing Wilson Ridge Apartments project located at 1276 Wilson Avenue with...
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