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File #: RES PH 22-336    Version: 1
Type: Resolution-Public Hearing Status: Passed
In control: Housing & Redevelopment Authority
Final action: 10/26/2022
Title: Resolution approving the issuance of conduit multifamily housing revenue bonds; approving related documents; adopting a related Housing Program; and approving the execution of a tax increment financing development agreement, including a Pooled TIF Loan and related documents, 2285 Hillcrest Avenue (Nellie Francis Court Project), District 15, Ward 3
Sponsors: Chris Tolbert
Attachments: 1. Board Report, 2. Map, 3. Public Purpose, 4. D15 Highland Park Neighborhood Profile
Title
Resolution approving the issuance of conduit multifamily housing revenue bonds; approving related documents; adopting a related Housing Program; and approving the execution of a tax increment financing development agreement, including a Pooled TIF Loan and related documents, 2285 Hillcrest Avenue (Nellie Francis Court Project), District 15, Ward 3
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”), is a political subdivision of the State of Minnesota, duly organized and existing under the Constitution and laws of the State of Minnesota; and

WHEREAS, pursuant to Minnesota Statutes, Chapter 462C, as amended (the “Act”) and by ordinance of the City of Saint Paul, Minnesota (the “City”), the HRA is authorized to carry out the public purposes described in the Act by issuing revenue bonds or other obligations to finance or refinance multifamily housing developments located within the City, and as a condition to the issuance of such revenue bonds, adopt a housing program providing the information required by Section 462C.03, subdivision 1a, of the Act; and

WHEREAS, in the issuance of the HRA’s revenue bonds and in the making of a loan to finance a multifamily housing development, the HRA may exercise, within the corporate limits of the City, any of the powers that the Minnesota Housing Finance Agency may exercise under Minnesota Statutes, Chapter 462A, as amended, without limitation under the provisions of Minnesota Statutes, Chapter 475, as amended; and

WHEREAS, Nellie Francis Court Limited Partnership, a Minnesota limited partnership (the “Borrower”) has requested that the HRA issue its housing revenue bonds in one or more series (collectively, the “Bonds”) under the Act and lend the proceeds thereof to the Borrower to: (i) finance the acquisition, construction and equipping of an approximately 78,162 square-foot, 5-story building containing approximately 75 affordable workforce rental housing units, under...

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