Title
Resolution giving preliminary approval to the proposed issuance of conduit revenue bonds for the Community of Peace Charter School Project, 471 Magnolia Avenue East, under Minnesota Statutes, Sections 469.152 through 469.1655 District 5, Ward 5
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 in the State of Minnesota, including the HRA, is authorized to issue revenue bonds to finance or refinance, 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, Community of Peace Building Company, a Minnesota nonprofit corporation (the “Borrower”), has requested that the HRA issue one or more series of revenue bonds (the “Bonds”) and loan the proceeds derived from the sale of the Bonds to the Borrower, pursuant to the terms of a Loan Agreement between the HRA and the Borrower (the “Loan Agreement”) to finance costs related to: (i) the acquisition, renovation, expansion and equipping of certain existing school facilities located at 471 Magnolia Avenue East in the City of Saint Paul, Minnesota (the “City”), including an approximately 30,000 square foot addition thereto (collectively, and together with related facilities and improvements, the “School Facility”); (ii) funding a debt service reserve fund; (iii) paying a portion of the interest on the Bonds; and (iv) paying a portion of the costs of issuing the Bonds (the “Project”); and
WHEREAS, the Project will be owned by the Borrower and will be leased to and operated by Community of Peace Academy, a Minnesota charter school (the “School”); and
WHEREAS, the Bonds proposed to ...
Click here for full text