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, Chapters 462C and 469, authorizing The Ramsey County Housing & Redevelopment Authority to issue conduit multifamily housing revenue obligations in connection with said project and program, 750 Milton Ave North (Wilder Square Project District 7, Ward 1).
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(a) Minnesota Statutes, Chapter 462C (the “Act”) confers upon cities and certain housing and redevelopment authorities 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 Ramsey County Housing & Redevelopment Authority (the “RCHRA”) has the authority to exercise the powers conferred by Minnesota Statutes, Section 462C.01 to 462C.081; and
(c) The RCHRA has received a proposal from CB Wilder Square GP Limited Partnership, a Minnesota limited partnership (or another entity affiliated with CommonBond Communities, a Minnesota nonprofit corporation, the “Borrower”), that the RCHRA undertake a housing finance program (the “Housing Program”) to finance the Project hereinafter described, pursuant to Minnesota Statutes, Chapter 462C, through the issuance of taxable and tax exempt housing revenue bonds or notes in one or more series in an estimated principal amount not to exceed $17,000,000 (the “Bonds”); and
(d) The Project to be financed by the Bonds is the acquisition, rehabilitation and equipping of an approximately 136-unit multifamily rental housing development consisting of an existing 11-story building with surface parking and other functionally related facilities, located at 750 Milton Ave North in the City of Saint Paul, Minnesota (the “City”...
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