Title
Resolution giving preliminary approval to the issuance of conduit Multifamily Housing Revenue Bonds on behalf of 115 Plato LP, for the Plato Apartments at Farwell Yards Project, at 115 Plato Boulevard West, District 3, Ward 2
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) is a body corporate and politic and political subdivision 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”), the HRA has been authorized by the City Council of the City of Saint Paul, Minnesota (the “Council”) to exercise, the powers conferred by Minnesota Statutes, Section 462C.01 to 462C.081 to issue revenue bonds to provide funds to finance multifamily rental housing developments located within the City of Saint Paul, Minnesota (the “City”); and
WHEREAS, 115 Plato, LP, a Minnesota limited partnership (or another entity to be formed by or affiliated with Buhl Investors, the “Borrower”) has proposed that the HRA issue its revenue bonds or other obligations in the approximate aggregate principal amount of up to $11,000,000, in one or more series, to be issued at one time or from time to time, bearing taxable or tax exempt interest at fixed and/or variable rates, to be offered publicly and/or privately placed (the “Bonds”); and
WHEREAS, the proceeds of the Bonds are proposed to be loaned by the HRA to the Borrower to be applied by the Borrower to (i) finance the acquisition of property and the demolition of an existing building thereon and the construction, and equipping of a 4-story, approximately 63-unit rental housing facility and related amenities all to be located at 115 Plato Boulevard West in the City (the “Project”); (ii) fund one or more reserve funds to secure the timely payment of the Bonds, if necessary; (iii) pay interest on the Bonds during the renovation of the Project, if necessary; and (iv...
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