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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