Title
Reciting a proposal for a Housing Finance Program for a Multi-family Rental Housing Development; giving preliminary approval to the Project and the program pursuant to Minnesota Statutes, Chapter 462C; authorizing the City's Housing and Redevelopment Authority to issue Conduit Multifamily Housing Revenue Bonds; and authorizing the preparation of necessary documents and materials in connection with said project and program, 787 Hampden Avenue (Union Flats Apartments Project District 12, Ward 4).
Body
(a) Minnesota Statutes, Chapter 462C (the “Act”) confers upon cities, or housing and redevelopment authorities or port authorities authorized by ordinance to exercise on behalf of a city the powers conferred by the Act, the power to issue revenue bonds to finance a program for the purposes of planning, administering, making or purchasing loans with respect to one or more multi-family housing project developments within the boundaries of the city;
(b) The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has been designated, by ordinance, to exercise, on behalf of the City of Saint Paul, Minnesota (the “City”) the powers conferred by Minnesota Statutes, Section 462C.01 to 462C.081;
(c) The HRA has received a proposal from St. Paul Leased Housing Associates VIII, LLLP, a Minnesota limited liability limited partnership (the “Borrower”), that the HRA undertake a housing finance program (the “Housing Program”) to finance the Project hereinafter described, through the issuance of housing revenue bonds in one or more series in an estimated principal amount not to exceed the lesser of $32,000,0000 or 51% of the Borrower’s basis in the Project pursuant to Minnesota Statutes, Chapter 462C (the “Bonds”);
(d) The Project to be financed by the Bonds is the acquisition, c...
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