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File #: RES 22-924    Version: 1
Type: Resolution Status: Passed
In control: City Council
Final action: 6/22/2022
Title: Consenting to the issuance of conduit revenue bonds by the Port Authority of the City of Saint Paul for the benefit of Go Wild, LLC.
Sponsors: Dai Thao
Attachments: 1. Port Authority Board Memo.pdf, 2. Port Authority Resolution No. 4720.pdf
Title

Consenting to the issuance of conduit revenue bonds by the Port Authority of the City of Saint Paul for the benefit of Go Wild, LLC.

Body

WHEREAS, under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152-469.1655, as amended (the “Act”), the Port Authority of the City of Saint Paul (the “Port Authority”), 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, Go Wild, LLC, a Minnesota limited liability company (the “Borrower”), has requested that the Port Authority issue one or more series of conduit revenue bonds, to be designated as Commercial Mortgage Revenue Bonds (Go Wild, LLC Project), Taxable Series 2022-3 (or such other designation as necessary) (the “Bonds”) and loan the proceeds derived from the sale of the Bonds to the Borrower pursuant to a Loan Agreement, dated on or after July 1, 2022, between the Port Authority and the Borrower (the “Loan Agreement”) to refinance the Project (defined below); and

WHEREAS, the Borrower has represented to the Port Authority that it is proposing to utilize the proceeds of the Bonds in order to:  (i) refinance certain outstanding mortgage debt originally incurred by the Borrower to finance the acquisition, renovation, and equipping of an approximately 540,000 square foot five-story mixed-use commercial building and attached six-level parking structure known as the Treasurer Island Center, located at 400 Wabasha Street North, Saint Paul, Minnesota (the “Project”); and (ii) pay costs of issuance for the Bonds; and

WHEREAS, the Bonds are proposed to be issued under the terms of a resolution adopted by the Board of Commissioners of the Port Authority and an Indenture of Trust, dated on or after July 1, 2022 (the “Indenture”), between the Port Authority and U.S. Bank Trust Company, National...

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