Title
Resolution Authorizing the Issuance of and Sale of Conduit Senior Housing and Health Care Revenue Refunding Bonds and Subordinate Senior Housing and Health Care Revenue Refunding Bonds for the Carondelet Village Project, 525 Fairview Avenue South, and Approving Related Documents District 15, Ward 3
Body
(a) Minnesota Statutes, Chapter 462C (the “Act”), confers upon cities, or housing and redevelopment authorities authorized by ordinance to exercise on behalf of a city the powers conferred by the Act, which include the power to issue revenue bonds to finance or refinance a program for the purposes of planning, administering, making or purchasing loans with respect to one or more combination multifamily housing and health care developments within the boundaries of the city; and
(b) CV Senior Housing, LLC a Minnesota limited liability company, (the “Borrower”) whose only member is Carondelet Village, Inc., a Minnesota nonprofit corporation (the “Sole Member”) has requested that the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) issue conduit revenue bonds to (i) advance refund in whole or in part the HRA’s Senior Housing and Health Care Revenue Bonds, Series 2010A (Carondelet Village Project) (the “Series 2010A Bonds”) and current refund in whole or in part the HRA’s Subordinate Senior Housing and Health Care Revenue Bonds, Series 2010B and 2010C (Carondelet Village) (the “Prior Subordinate Bonds” and, together with the Series 2010A Bonds, the “Prior Bonds”) the proceeds of which previously financed the acquisition, construction and equipping of a combination housing and health care facility, consisting of approximately 149 independent housing units, 46 assisted living units, 19 memory care units and 45 skilled nursing care beds, (collectively, the “Project”) located at 525 Fairview Avenue South in the City of Saint Paul, Minnesota (the “City”); (ii) fund any necessary reserves and...
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