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File #: RES PH 19-240    Version: 1 Name: Twin Cities German Immersion School Project - Conduit Revenue Bonds
Type: Resolution-Public Hearing Status: Passed
In control: Housing & Redevelopment Authority
Final action: 7/24/2019
Title: Resolution giving preliminary approval to the proposed issuance of conduit revenue bonds for the Twin Cities German Immersion School Project, 1031 Como Avenue, under Minnesota Statutes, Sections 469.152 through 469.1655, District 10, Ward 5
Sponsors: Amy Brendmoen
Attachments: 1. Board Report, 2. Map, 3. Site Renderings, 4. District 10 Profile, 5. Ron Greene Objection Email
Title
Resolution giving preliminary approval to the proposed issuance of conduit revenue bonds for the Twin Cities German Immersion School Project, 1031 Como Avenue, under Minnesota Statutes, Sections 469.152 through 469.1655, District 10, 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, Twin Cities German Immersion School 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 demolition of an existing building on the property and the acquisition, construction and equipping of a new 3-story, approximately 23,500 square foot building addition to the existing school facility located at 1031 Como Avenue in the City of Saint Paul, Minnesota (the “City”) for classrooms, special education instructional spaces, administrative offices, gymnasium and cafeteria, as well as an expanded play area and underground infrastructure to manage stormwater run-off from the building addition (the “School Facility”); (ii) funding a debt service reserve fund, if necessary; (iii) paying a portion of the interest on the Bonds, if necessary; and (iv) paying a portion of the costs o...

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Date NameDistrictOpinionCommentAction
8/7/2019 3:37 PM    Please do not finalize approval for conduit bonds for tcgis, because they say they own the old st andrew church building. I, for one of many citizens, do not want any tax dollars, or bonds, going to private property owners. They can't claim non profit status if they own that building. I can't type code because it disappeared. Brendmoens vote for preliminary approval should not count because of conflict of interest with tcgis.