Title
Resolution giving preliminary approval to the proposed issuance of conduit revenue bonds for the Great River Charter School Project, 1326 and 1336 Energy Park Drive, 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, Great River Affiliated Building 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 a Loan Agreement between the HRA and the Borrower (the “Loan Agreement”) to finance costs related to: (i) the acquisition, renovation and equipping of an existing approximately 28,600 square foot building located at 1326 Energy Park Drive in the City of Saint Paul, Minnesota (the “City”) and an existing approximately 25,800 square foot building located at 1336 Energy Park Drive in the City and the acquisition, construction and equipping of an approximately 19,000 square foot addition connecting the existing buildings (collectively, and together with related facilities and improvements, the “School Facility”); (ii) funding a debt service reserve fund; (iii) paying a portion of the interest on the Bonds; and (iv) paying a portion of the costs of issuing the Bonds (the “Project”); and
WHEREAS, th...
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