Title
Resolution giving preliminary approval to the proposed issuance of conduit revenue bonds for the Minnesota Math and Science Academy Charter School Project, 169 Jenks Avenue, under Minnesota Statutes, Sections 469.152 through 469.1655 District 6, Ward 5
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, MMSA Building Company, a Minnesota nonprofit corporation (the “Borrower”), has requested that the HRA issue one or more series of tax-exempt or taxable conduit revenue bonds (the “Bonds”) and loan the proceeds derived from the sale of the Bonds to the Borrower, pursuant to the terms of a Loan Agreement between the HRA and the Borrower (the “Loan Agreement”) to be used to (i) finance the acquisition of, and related renovations and improvements to, an approximately 60,525 square foot existing charter school facility (the “School Facility”) located at 169 Jenks Avenue, in the City of Saint Paul, Minnesota (the “City”); (ii) fund a debt service reserve fund; (iii) pay the costs of issuing the Bonds (the “Project”); and (iv) pay capitalized interest (the “Project”), if any; and
WHEREAS, the Project will be owned by the Borrower and will be leased to and operated by Minnesota Math and Science Academy (the “School”); and
WHEREAS, the Bonds proposed to be issued by the HRA to finance the Project will constitute revenue bonds secured solely by: (i) the reve...
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