Title
Resolution Authorizing the Issuance of Conduit Housing Revenue Obligations (Pioneer Press Building Project); Approving Related Documents; Waiving the Policy on Developer’s Fees; and Adopting a Housing Program, 345 Cedar Street, District 17, Ward 2
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 bonds and notes 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, Pioneer Apartments, LLLP, a Minnesota limited liability limited partnership (the “Borrower”), has requested that the HRA issue its revenue bonds and notes under the Act and lend the proceeds thereof to the Borrower to finance the following: (i) the acquisition of an existing 8-story office building located at 345 Cedar Street in Saint Paul, Minnesota and renovation, conversion and equipping of that building into an approximately 143-unit multifamily rental housing development and functionally related facilities (the “Project”); (ii) the ...
Click here for full text