Title
Resolution authorizing the issuance and sale of conduit multifamily housing revenue bonds for the Sibley Court and Sibley Park Housing Project located at 484 Temperance Street and 211 Seventh Street East; approving the assignment and assumption of an existing Met Council Loan and Note; approving the execution of related documents, District 17, Ward 2
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”), a body corporate and politic and political subdivision of the State of Minnesota, is 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, Affordable Housing Preservation Corporation, a Florida not-for-profit corporation and 501(c)(3) organization (the “Sole Member”), on behalf of AHPC Sibley Court LLC, a Delaware limited liability company (“AHPC Sibley Court LLC”), whose sole member is the Sole Member, and AHPC Sibley Park LLC (“AHPC Sibley Park LLC,” and together with AHPC Sibley Court LLC, the “Borrowers”), whose sole member is the Sole Memb...
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