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File #: RES PH 22-145    Version: 1
Type: Resolution-Public Hearing Status: Passed
In control: Housing & Redevelopment Authority
Final action: 5/25/2022
Title: Resolution giving preliminary approval to the proposed issuance of conduit revenue bonds for the Career Pathways Charter School Project, 1355 West Pierce Butler Route, under Minnesota Statutes, Sections 469.152 through 469.1655, District 11 Ward 4
Sponsors: Chris Tolbert
Attachments: 1. Board Report, 2. Map, 3. D11 Hamline Midway Neighborhood Profile, 4. Public Comment - Michael McGibbon
Title
Resolution giving preliminary approval to the proposed issuance of conduit revenue bonds for the Career Pathways Charter School Project, 1355 West Pierce Butler Route, under Minnesota Statutes, Sections 469.152 through 469.1655, District 11 Ward 4
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, CPATH Community Building Group, 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 a Loan Agreement between the HRA and the Borrower (the “Loan Agreement”) to be used, to (i) finance the acquisition, renovation and equipping of the existing approximately 16,740 square foot public charter school facility located at 1355 West Pierce Butler Route in the City (the “School Facility); (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 Borrower and will be leased to and operated by Career Pathways, a Minnesota nonprofit corporation and public charter school (the “School”); and

WHEREAS, the Bonds proposed to be issued by the HRA to finance the Project will constitute revenue bonds secured solely...

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