Title
Resolution authorizing the issuance and sale of conduit multifamily housing revenue bonds; approving related documents; and adopting a Housing Program for the 848 Payne Avenue Apartments Project, District 5, Ward 6
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”), is a political subdivision of the State of Minnesota, duly organized and existing under the Constitution and laws of the State of Minnesota; and
WHEREAS, pursuant to Minnesota Statutes, Chapter 462C, as amended (the “Act”) and by ordinance of the City of Saint Paul, Minnesota (the “City”), the HRA is authorized to carry out the public purposes described in the Act by issuing revenue bonds or other obligations to finance or refinance multifamily housing developments located within the City, and as a condition to the issuance of such revenue bonds, adopt a housing program providing the information required by Section 462C.03, subdivision 1a, of the Act; and
WHEREAS, in the issuance of the HRA’s revenue bonds and in the making of a loan to finance a multifamily housing development the HRA may exercise, within the corporate limits of the City, any of the powers that the Minnesota Housing Finance Agency may exercise under Minnesota Statutes, Chapter 462A, as amended, without limitation under the provisions of Minnesota Statutes, Chapter 475, as amended; and
WHEREAS, 848 Payne, LLLP, a Minnesota limited liability limited partnership (or an affiliated entity, the “Borrower”), has requested that the HRA issue its revenue bonds under the Act and lend the proceeds thereof to the Borrower to: (i) finance the acquisition, construction and equipping of an approximately 99-unit multifamily rental housing development and functionally related facilities, to be located on a one and one-half acre parcel on the southeast corner of the intersection of Payne Avenue and Aguirre Street/Wadena Avenue (the “Project”); (ii) fund one or more reserve funds to secur...
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