Title
Resolution authorizing the issuance and sale of conduit charter school lease revenue bonds, under Minnesota Statutes, Sections 469.152 through 469.1655, for the HOPE Community Academy Charter School Project, 720 Payne Avenue and approving related documents; 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 of the State of Minnesota, including the HRA, is authorized to issue revenue bonds to finance, 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 represented to the HRA that it is proposing to assist HOPE Community Academy, a Minnesota nonprofit corporation and public charter school (the “School”) in 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”); and
WHEREAS, the Borrower has requested that the HRA issue one or more series of revenue bonds to be designated Charter School Lease Revenue Bonds (HOPE Community Academy Project) Series 2020 in an original aggregate principal amount not to exceed $23,000,000 (the “Bonds”) and loan the proceeds derived from the sale of the Bonds to...
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