Title
Resolution Approving Bond Allocation Transfer Agreements and Related Documents, Citywide
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") is a public body corporate and politic established pursuant to the provisions of Minnesota Statutes, Section 469.001, et seq. (the “Act”); and
WHEREAS, the HRA has the power to engage in development or redevelopment activities under Minnesota law and the HRA is authorized to engage in activities relating to (a) housing projects and development, (b) removal and prevention of the spread of conditions of blight or deterioration, (c) bringing substandard buildings and improvements into compliance with public standards, (d) disposition of land for private redevelopment, and (e) improving the tax base and the financial stability of the community, and to engage in the aforementioned activities when these needs cannot be met through reliance solely upon private initiative and which can also be undertaken in targeted neighborhoods; and is authorized to create redevelopment projects as defined in Minn. Stat. Section 469.002, Subd. 14; and
WHEREAS, the pending federal tax reform legislation has created uncertainty as to whether the City of Saint Paul (“City”) and the HRA may issue tax-exempt private activity bonds after December 31, 2017; and
WHEREAS, such uncertainty has caused developers and other borrowers of tax-exempt private activity bond proceeds to request that the HRA accelerate the closing of several such bond issues on or before December 31, 2017; and
WHEREAS, and the City receives the federal allocation and then by ordinance designates the HRA to exercise the City’s powers and the current requests of the HRA to issue its tax-exempt private activity bonds on or before December 31, 2017 are more than the City’s 2017 entitlement allocation of private activity bond volume cap; and
WHEREAS, to address the shortage of private activity volume cap, the City and the HRA...
Click here for full text