Title
Resolution authorizing the issuance and sale of conduit charter school lease revenue bonds, under Minnesota Statutes, Sections 469.152 through 469.1655, for the Twin Cities German Immersion School Project, 1031 Como Avenue and approving related documents; 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 of the State of Minnesota, including 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; and
WHEREAS, Twin Cities German Immersion School Building Company, a Minnesota nonprofit corporation (the “Borrower”), has represented to the HRA that it is proposing to assist Twin Cities German Immersion School, a Minnesota nonprofit corporation and public charter school (the “School”), in the demolition, acquisition, renovation, expansion and equipping of certain existing school facilities located at 1031 Como Avenue in the City of Saint Paul, Minnesota (the “City”), including a 3-story, approximately 23,500 square foot building addition thereto (collectively, and together with related facilities and improvements, the “School Facility”); and
WHEREAS, the Borrower has requested that the HRA issue one or more series of revenue bonds to be designated Charter School Lease Revenue Bonds, Series 2019 (Twin Cities German Immersion School Project) in an original aggregate principal amount not to exceed $9,000,000 (the “Bonds”) and loan the proceeds derived from the sale of the Bonds to the Borrower, pursuant to the terms of an Amended and Restated Loan Agreement ...
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