Title
Resolution authorizing the issuance and sale of conduit charter school lease revenue bonds, under Minnesota Statutes, Sections 469.152 through 469.1655, for the Higher Ground Academy Project, 1471 Brewster Street and approving related documents; District 10, Ward 4
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) is duly organized and existing under the Constitution and laws of the State of Minnesota; and
WHEREAS, under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152-469.1655, as amended (the “Act”), each housing and redevelopment authority of the State of Minnesota, including the HRA, is authorized to issue revenue bonds to finance, in whole or in part, the costs of the acquisition, construction, improvement, or extension of revenue producing enterprises, whether or not operated for profit; and
WHEREAS, Higher Ground Building Company, a Minnesota nonprofit corporation (the “Borrower”), has represented to the HRA that it is proposing to assist Higher Ground Academy, a Minnesota nonprofit corporation and public charter school (the “School”), in the acquisition, renovation, expansion and equipping of certain existing school facilities located at 1471 Brewster Street in the City of Saint Paul, Minnesota (the “City”), including an approximately 20,000 square foot addition thereto (collectively, and together with related facilities and improvements, the “School Facility”); and
WHEREAS, the Borrower has requested that the HRA issue one or more series of revenue bonds to be designated Charter School Lease Revenue Bonds, Series 2018 (Higher Ground Academy Project) in an original aggregate principal amount not to exceed $15,000,000 (the “Bonds”) and loan the proceeds derived from the sale of the Bonds to the Borrower, pursuant to the terms of an Amended and Restated Loan Agreement dated on or after November 1, 2018 (the “Loan Agreement”), between the HRA and t...
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