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File #: RES PH 20-262    Version: 1
Type: Resolution-Public Hearing Status: Passed
In control: Housing & Redevelopment Authority
Final action: 11/18/2020
Title: Resolution giving preliminary approval to the proposed issuance of conduit revenue bonds for the HOPE Community Academy Charter School Project, 720 Payne Avenue, under Minnesota Statutes, Sections 469.152 through 469.1655 District 5, Ward 7
Sponsors: Jane L. Prince
Attachments: 1. Board Report, 2. Preliminary Site Plan, 3. Map, 4. District 5 Profile, 5. Atchison Voicemail, 6. Enstad Email, 7. Byers, Payne Phalen Community Council, Letter, 8. HOPE Academy Response to Byers, PPCC Letter
Title

Resolution giving preliminary approval to the proposed issuance of conduit revenue bonds for the HOPE Community Academy Charter School Project, 720 Payne Avenue, under Minnesota Statutes, Sections 469.152 through 469.1655 District 5, Ward 7

Body

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; and

WHEREAS, under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152-469.1655, as amended (the “Act”), each housing and redevelopment authority in 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; and

WHEREAS, HCA Building Company, a Minnesota nonprofit corporation (the “Borrower”), has requested that the HRA issue one or more series of revenue bonds (the “Bonds”) and loan the proceeds derived from the sale of the Bonds to the Borrower, pursuant to the terms of an amended and restated Loan Agreement between the HRA and the Borrower (the “Loan Agreement”) to be used, to (i) finance the construction and equipping of an approximately 60,000 square foot, 3-story addition to and renovation of the existing school facility located at 720 Payne Avenue in the City of Saint Paul, Minnesota (the “City”), and the acquisition of land to the west and southwest of the existing school facility for green space and a surface parking located at 622 Beaumont Street and 680 Preble Street in the City (collectively, the “School Facilities”); (ii) pay a portion of the interest on the Bonds, if necessary; (iii) fund a reserve fund for the Bonds, if necessary; and (iv) pay a portion of the costs of issuing the Bonds, if necessary (the “Project”); and

WHEREAS, the Project will be owned by the Bo...

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