Title
Resolution authorizing the issuance of conduit revenue refunding bonds under Minnesota Statutes, Sections 469.152 through 469.1655 for the Minnesota Public Radio Project, 480 Cedar Street and approving related documents; District 17, Ward 2
Body
WHEREAS, the purpose of Minnesota Statutes, Sections 469.152 to 469.1655, as amended (the “Act”), as found and determined by the legislature, is to promote the welfare of the state by the active attraction and encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment;
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;
WHEREAS, under the Act, each housing and redevelopment authority of 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;
WHEREAS, Minnesota Public Radio, a Minnesota nonprofit corporation (the “Borrower”), has requested that the HRA refinance the project described below by refunding the HRA’s Revenue Refunding Bonds (Minnesota Public Radio Project), Series 2010 (the “Prior Bonds”) which previously refunded the HRA’s Variable Rate Demand Revenue Bonds (Minnesota Public Radio Project), Series 2005 which were issued to finance capital expenditures in connection with an expansion of the Borrower’s facilities located at 480 Cedar Street in the City of Saint Paul, Minnesota (the “City”) (the “Project”);
WHEREAS, the HRA has been advised by representatives of the Borrower that conventional, commercial financing to refinance the capital cost of the Project is available only on a limited basis and at such high costs of borrowing that t...
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