Title
Resolution giving preliminary approval to the proposed issuance of conduit revenue bonds for the Regions Hospital Project, 640 Jackson Street, under Minnesota Statutes, Sections 469.152 through 469.1655; District 17, Ward 2
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; 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, Regions Hospital, a Minnesota nonprofit corporation (the “Borrower”) has proposed that the HRA issue its revenue bonds or other obligations in the approximate total principal amount of $50,000,000, in one or more series (the “Bonds”) to (i) finance the construction and equipping of an approximately 159,253 square-foot, four-story building for a new birth center on the Regions Hospital campus located at 640 Jackson Street in the City of Saint Paul, Minnesota (the “City”); and (ii) pay the costs of issuing the Bonds (collectively, the “Project”); and
WHEREAS, neither the full faith and credit of the HRA, nor the City will be pledged to the Project or for the payment of the principal of, premium, if any, or interest on the Bonds; an...
Click here for full text