Title
Reciting a proposal for a Housing Finance Program for a multifamily rental housing development; giving preliminary approval to the project and the program; authorizing the Housing and Redevelopment Authority to issue conduit multifamily housing revenue obligations; and authorizing the preparation of necessary documents and materials in connection with the Rice Street Flats Project (District 6, Ward 1).
Body
WHEREAS:
(a) Minnesota Statutes, Chapter 462C (the “Act”) confers upon cities, or housing and redevelopment authorities or port authorities authorized by ordinance to exercise on behalf of a city the powers conferred by the Act, the power to issue revenue bonds to finance a program for the purposes of planning, administering, making or purchasing loans with respect to one or more multifamily housing project developments within the boundaries of the city; and
(b) The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has been designated, by ordinance, to exercise, on behalf of the City of Saint Paul, Minnesota (the “City”) the powers conferred by Minnesota Statutes, Section 462C.01 to 462C.081; and
(c) The HRA has received a proposal from Rice Sycamore Housing LLC, a Minnesota limited liability company (or an affiliated entity, the “Borrower”), that the HRA undertake a housing finance program (the “Housing Program”) to finance the Project hereinafter described, through the issuance, pursuant to Minnesota Statutes, Chapter 462C, of tax exempt and taxable housing revenue bonds or notes in one or more series, in an estimated principal amount not to exceed $7,500,000, of which the maximum aggregate principal amount of tax-exempt revenue bonds shall not exceed 53% of the Borrower’s basis in the Project (the “Bonds”); and
(d) The Project to be financed by the...
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