Title
Resolution Approving the Issuance and Sale of a Conduit Multifamily Housing Revenue Obligation (Dorothy Day Residences Project), Approving Related Documents, and Adopting a Housing Program, 183 Old 6th Street West, 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 or notes to finance or refinance multifamily housing developments located within the City, and as a condition to the issuance of such revenue bonds or 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 or 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, Dorothy Day Residence Limited Partnership, or an affiliate thereof (the “Borrower”) has requested that the HRA issue its housing revenue notes in one or more series (the “Note”) under the Act and lend the proceeds thereof to the Borrower to: (i) finance the acquisition, construction and equipping of an approximately 177-unit multifamily residential rental housing development and functionally related facilities to be located at 183 Old 6th Street West and on adjacent parcels in the City (the “Project”); (ii) fund one or more reserve funds to secure the timely...
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