Title
Resolution giving Preliminary Approval to the Proposed Issuance of Conduit Revenue Bonds for the Hmong College Prep Academy Charter School Project, 1515 Brewster Street, under Minnesota Statutes, Sections 469.152 through 469.1655 District 10, Ward 4.
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, Hmong Education Reform 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 an amended and restated or new Loan Agreement between the HRA and the Borrower (the “Loan Agreement”) to finance costs related to: (i) refunding the HRA’s Lease Revenue Bonds (Hmong Academy Project), Series 2006A which previously financed the acquisition, renovation, and equipping of an approximately 72,000 square-foot existing public schoolhouse, located at 1515 Brewster Street (the “Schoolhouse”) in the City of Saint Paul, Minnesota (the “City”) and leased to and operated by Hmong College Prep Academy, a Minnesota nonprofit corporation and public charter school (the “School”); (ii) financing the acquisition, construction and equipping of an approximately 98,500 square-foot addition to the existing Schoolhouse on the adjacent approximately 1.33 acre parcel, the construction and equipping of approximat...
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