Title
Resolution approving the issuance and sale of Conduit Revenue Refunding Bonds, Series 2020, for the Amherst H. Wilder Foundation Project, located at 451 Lexington Parkway and authorizing the execution of documents relating thereto, District 13, Ward 1
Body
WHEREAS,
(a) 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
(b) The purpose of Minnesota Statutes, Sections 469.152 to 469.1655 (the “Act”), as found and determined by the legislature, is to promote the welfare of the State of Minnesota 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;
(c) Factors necessitating the active promotion and development of economically sound industry and commerce are the increasing concentration of population in the metropolitan areas and the rapidly rising increase in the amount and cost of governmental services required to meet the needs of the increased population and the need for development of land use which will provide an adequate tax base to finance these increased costs and the need for access to employment opportunities for such population;
(d) The Board of Commissioners (the “Board”) of the HRA has received from the Amherst H. Wilder Foundation, a Minnesota nonprofit corporation organized under the laws of the State of Minnesota (the “Borrower”), a proposal that the HRA assist in refunding outstanding tax-exempt revenue bonds as hereinafter described, through the issuance of a one or more series of tax-exempt or taxable revenue bonds, as further defined below, the “Bonds,” pursuant to the Act;
(e) The HRA desires to facilitate the selective development of the community, retain and improve the tax base and help to provide the range of services and employment opportunities r...
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