Title
Resolution authorizing the issuance and amendment of conduit revenue notes under Minnesota Statutes, Sections 469.152 through 469.1655 for the Cretin-Derham Hall Project located at 550 South Albert Street and approving related documents; District 15, Ward 3
Body
WHEREAS,
(a) 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 Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (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;
(b) The Board of Commissioners (the “Board”) of the HRA has received from Cretin-Derham Hall, a Minnesota nonprofit corporation organized under the laws of the State of Minnesota (the “Borrower”), a proposal that the HRA assist in financing and refinancing a Project hereinafter described through the issuance or amendment of certain revenue notes, pursuant to the Act;
(c) The Borrower has proposed that the HRA approve (i) amendments to the terms of Educational Facilities Revenue Refunding Note, Series 2013 (Cretin-Derham Hall Project), issued by the HRA on September 24, 2013 in the original aggregate principal amount of $11,630,000, approximately $10,880,000 of which is currently outstanding (as amended, the “Series 2013 Note”), and (ii) the issuance by the HRA of revenue notes in one or more series (the “Series 2019 Note” and, together with the Series 2013 Note, the “Notes”) pursuant to the Act, proceeds of which will be loaned to the Borrower, to finance the acquisition, construction and equipping of an approximately 6,000 square foot entry and gathering space addition, along with certain other improvements, to the ...
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