Title
Resolution giving preliminary approval to the proposed issuance of conduit revenue bonds under Minnesota Statutes, Sections 469.152 through 469.1655 for the Cerenity - Marian of St. Paul project, located at 200 Earl Street, District 4, Ward 7.
Body
WHEREAS, pursuant to Minnesota Statues, Sections 469.152 through 469.1655, as amended (the “Act”), the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”), is authorized to issue revenue Bonds, in one or more series, for the purpose of financing real and personal property, whether or not now in existence, which property is used or useful in connection with a revenue producing enterprise, whether or not operated for profit, engaged in providing health care services; and
WHEREAS, in enacting the Act, the Legislature found that the welfare of the State of Minnesota requires the active promotion, attraction, encouragement and development of economically sound industry and commerce to prevent, as far as possible, the emergence of blight and areas of chronic unemployment and to prevent economic deterioration and the welfare of the State also requires the provision of necessary health care facilities, so that adequate health care services are available to residents of the state at reasonable cost; and
WHEREAS, Cerenity - Marian of St. Paul, LLC, a Minnesota limited liability company (the “Borrower”) has proposed that the HRA issue one or more series of revenue bonds or other obligations in the approximate total principal amount of $16,500,000, in one or more series (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 (i) finance renovations to the existing facility located at 200 Earl Street in the City of Saint Paul, Minnesota (the “City”) to increase the number of private nursing beds to approximately 78 and reduce the number of assisted liv...
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