Title
Approving the proposed issuance of conduit revenue bonds by the Housing and Redevelopment Authority 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
(a) 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 Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (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
(b) The HRA has received a proposal from Higher Ground Building Company, a Minnesota nonprofit corporation (the “Borrower”), that the HRA undertake a project to finance the Project hereinafter described, pursuant to the Act, through the issuance of taxable and tax exempt conduit revenue bonds in one or more series in an estimated aggregate principal amount not to exceed $13,500,000 (the “Bonds”); and
(c) The project to be financed by the Bonds is 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...
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