Title
Approving a public hearing on the issuance of conduit multifamily housing revenue bonds by the Housing and Redevelopment Authority (the “HRA”) for a multifamily rental housing development project located at 540 Broadway Street; reciting a proposal for a Housing Finance Program related to such multifamily rental housing development; approving the related project and program pursuant to Minnesota Statutes, Chapter 462C; authorizing the HRA to issue conduit multifamily housing revenue bonds and authorizing the preparation of necessary documents and materials in connection with said project and program, and related documents. (District 4, Ward 2)
Body
(a) Minnesota Statutes, Chapter 462C, as amended (the “Act”) confers upon cities, or housing and redevelopment authorities or port authorities authorized by ordinance to exercise on behalf of a city the powers conferred by the Act, the power to issue revenue bonds to finance a program for the purposes of planning, administering, making or purchasing loans with respect to one or more multifamily housing developments within the boundaries of the city; and
(b) The HRA has been designated, by ordinance, to exercise, on behalf of the City of Saint Paul, Minnesota (the “City”) the powers conferred by Minnesota Statutes, Section 462C.01 to 462C.081, as amended; and
(c) The HRA has received a proposal from LSBD St. Paul Broadway, LLC, a Minnesota limited liability company (the “Borrower”), that the HRA undertake a housing finance program (the “Housing Program”) to finance the Housing Project hereinafter described, pursuant to the Act, through the issuance of taxable and/or tax exempt housing revenue bonds, in one or more series in an estimated aggregate principal amount not to exceed $33,000,000 (the “Bonds”); and
(d) The project to be financed by the Bonds is the acquisition of property and the demolition of an existing building thereon, and the construction and equipping of a six-story approximately 128-unit mul...
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