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File #: RES 20-1416    Version: 1
Type: Resolution Status: Passed
In control: City Council
Final action: 10/14/2020
Title: Reciting a proposal for a Housing Finance Program for a multifamily rental housing development, approving the project and the program pursuant to Minnesota Statutes, Chapter 462C, authorizing the Housing and Redevelopment Authority to issue conduit multifamily housing revenue obligations and authorizing the preparation of necessary documents and materials in connection with said project and program, Fairview Avenue & University Avenue (Fairview & University Project District 11, Ward 4).
Sponsors: Mitra Jalali
Title
Reciting a proposal for a Housing Finance Program for a multifamily rental housing development, approving the project and the program pursuant to Minnesota Statutes, Chapter 462C, authorizing the Housing and Redevelopment Authority to issue conduit multifamily housing revenue obligations and authorizing the preparation of necessary documents and materials in connection with said project and program, Fairview Avenue & University Avenue (Fairview & University Project District 11, Ward 4).

Body
(a) Minnesota Statutes, Chapter 462C (the “Act”) confers upon cities, or housing and redevelopment authorities or port authorities authorized by ordinance to exercise on behalf of a city the powers conferred by the Act, the power to issue revenue bonds to finance a program for the purposes of planning, administering, making or purchasing loans with respect to one or more multifamily housing developments within the boundaries of the city;

(b) The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has been designated, by ordinance, to exercise, on behalf of the City of Saint Paul, Minnesota (the “City”) the powers conferred by Minnesota Statutes, Section 462C.01 to 462C.081; and
(c) The HRA has received a proposal from 1825 University Limited Partnership, a Minnesota limited partnership (or an affiliated entity, the “Borrower”), that the HRA undertake a housing finance program (the “Housing Program”) to finance the Project hereinafter described, pursuant to Minnesota Statutes, Chapter 462C, through the issuance of a tax exempt housing revenue note in one or more series in an estimated principal amount not to exceed $30,000,000 (the “Note”); and
(d) The Project to be financed by the Note is the acquisition, construction and equipping of an approximately 243-unit multifamily rental housing development consisting of ...

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