Title
Resolution (i) reciting a proposal for a Housing Finance Program for a multifamily rental housing development and recommending approval by the Saint Paul City Council, pursuant to Minnesota Statutes, Chapters 462C and 469, of the project, the program and issuance of conduit multifamily housing revenue obligations by The Ramsey County Housing & Redevelopment Authority and (ii) approving and authorizing a Loan of HOME Funds and the execution of related documents, 750 Milton Ave North (Wilder Square Project) District 7, Ward 1
Body
(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 ...
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