Title
Resolution Authorizing the Issuance and Sale of Conduit Health Care Facility Revenue Notes for the Cerenity - Marian of St. Paul Project, Located at 200 Earl Street, under Minnesota Statutes, Sections 469.152 through 469.1655 and Approving Related Documents, District 4, Ward 7
Body
WHEREAS,
(a) The purpose of Minnesota Statutes, Sections 469.152 to 469.1655 (the “Act”), as found and determined by the legislature, is, among other things, to promote the welfare of the state by the provision of necessary health care facilities, so that adequate health care services are available to residents of the state at reasonable cost;
(b) The Board of Commissioners (the “Board”) of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has received from Cerenity - Marian of St. Paul, LLC, a Minnesota limited liability company (the “Borrower”), a Minnesota nonprofit corporation organized under the laws of the State of Minnesota, a proposal that the HRA assist in financing certain health care facilities hereinafter described through the issuance of a revenue note, in one or more series (as further defined below, the “Notes”) pursuant to the Act;
(c) The HRA desires to facilitate the selective development of the community, retain and improve the tax base and help to provide the range of services and employment opportunities required by the population, including health care services and facilities; and the Project described below will assist the HRA in achieving those objectives and will enhance the image and reputation of the community;
(d) The Borrower has proposed that the HRA issue the Notes 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 living units to approximately 30; (ii) fi...
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