Title
Resolution approving the issuance of conduit multifamily housing revenue bonds (West Side Flats Phase III B Apartment Project); approving related documents; and adopting a Housing Program, District 3, Ward 2
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, WSF Phase III B Limited Partnership, a Minnesota limited partnership (the “Borrower”) has requested that the HRA issue its housing revenue bonds in one or more series (including without limitation the Series 2020A Bond and the Series 2020B Bond described below and any additional series issued to finance the Project defined below, collectively, the “Bonds”) under the Act and lend the proceeds thereof to the Borrower to finance the following: (i) finance the acquisition, construction and equipping of an approximately 5-story, 82-unit multifamily rental housing development and functionally r...
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