Title
Resolution authorizing the issuance of conduit refunding revenue bonds for the Rossy and Richard Shaller Family Sholom East Campus Project, 730 Kay Avenue and 740 Kay Avenue, under Minnesota Statutes, Chapter 462C and Approving Related Documents, District 9, Ward 2
Body
WHEREAS, Minnesota Statutes, Chapter 462C, as amended (the “Act”), confers upon cities, or housing and redevelopment authorities authorized by ordinance to exercise on behalf of a city, the powers conferred by the Act, which include the power to issue revenue bonds to finance or refinance a program for the purposes of planning, administering, making or purchasing loans with respect to one or more combination multifamily housing and health care developments within the boundaries of the city; and
WHEREAS, Sholom Home East, Inc., a Minnesota nonprofit corporation (the “Borrower”), has requested that the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”), issue its Refunding Revenue Bonds (Rossy and Richard Shaller Family Sholom East Campus Project), Series 2018 (the “Series 2018 Bonds”) pursuant to a Trust Indenture between the HRA and Wells Fargo Bank, National Association (the “Trustee”), dated on or after July 1, 2018 (the “Indenture”) to (i) refund, in whole or in part, the HRA’s Revenue Bonds (Rossy and Richard Shaller Family Sholom East Campus Project), Series 2007A (the “Prior Bonds”), the proceeds of which previously financed the acquisition, construction and equipping of a combination housing and health care facility, which presently consists of (a) the 66-unit assisted living/memory care facility (the “Bentson Family Residence”), located at 730 Kay Avenue in the City of Saint Paul (the “City”); and (b) the 118-bed skilled-nursing-care facility (the “Shirley Chapman Sholom Home East”), located at 740 Kay Avenue in the City (the Bentson Family Residence and Shirley Chapman Sholom Home East are hereinafter referred to collectively as the “Facilities”); ...
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