Title
Resolution giving Preliminary Approval to the Proposed Issuance of Conduit Revenue Bonds for the Nova Classical Academy Charter School Project, 1455 Victoria Way, under Minnesota Statutes, Sections 469.152 through 469.1655 District 9, Ward 2.
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 or refinance, 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, Friends of Nova Classical Academy, 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 costs related to: (i) refunding the HRA’s Lease Revenue Bonds (Nova Classical Academy Project), Series 2011 which previously financed the acquisition, construction and equipping of the public charter school facility located at 1455 Victoria Way (formerly referred to as 1415 Mercer Way) (the “Schoolhouse”) in the City of Saint Paul, Minnesota (the “City”) operated by the Nova Classical Academy, a Minnesota nonprofit corporation and public charter school (the “School”); (ii) acquiring two parcels of land bounded by Madson Street, Mercer Way and Kay Avenue in the City and constructing and equipping improvements to the land and to the existing Schoolhouse; (iii) funding a debt service reserve fund; and (iv) paying a portion of...
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