Title
Resolution Authorizing the Issuance of Conduit Lease Revenue Bonds for the Great River School Project, 1326 and 1336 Energy Park Drive, under Minnesota Statutes, Sections 469.152 through 469.1655 and Approving Related Documents, 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 of the State of Minnesota, including the HRA, is authorized to issue revenue bonds to finance, 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 represented to the HRA that it is proposing to assist Great River School, an operating public charter school (the “School”), in the acquisition, renovation, construction 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”); and
WHEREAS, the Borrower has requested that the HRA issue one or more series of revenue bonds to be designated Charter School Lease Revenue Bonds (Great River School Project) in an original aggregate principal amount not to exceed $18,500,000 (the “Bonds”) and loan the procee...
Click here for full text