Title
Resolution giving preliminary approval to the proposed issuance of conduit revenue bonds for the Higher Ground Academy Charter School Project, 1381 Marshall Avenue, under Minnesota Statutes, Sections 469.152 through 469.1655, District 13, Ward 1
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, Higher Ground Building Company, 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) refund the HRA’s Lease Revenue Refunding Bonds (Higher Ground Academy Project), Series 2013A which previously (a) refunded the HRA’s Lease Revenue Bonds (Higher Ground Academy Project), Series 2004 which previously financed the existing school facility at 1381 Marshall Avenue (the “School Facility”) in the City of Saint Paul, Minnesota (the “City”) operated by the Higher Ground Academy, a Minnesota nonprofit corporation and charter school (the “School”); (b) refunded the HRA’s Lease Revenue Bonds (Higher Ground Academy Project), Series 2009 which previously financed the School Facility; and (c) financed the acquisition and installation in the School Facility of equipment for two Science, Technology, Engineeri...
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