Title
Resolution authorizing the issuance and sale of conduit multifamily housing revenue obligations; approving related documents; and adopting a Housing Program for the Marvella Phase II Project, located at 2190 Hillcrest Drive, District 15, Ward 3
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”), is a political subdivision of the State of Minnesota, 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, PHS Highland Park, LLC, a Minnesota limited liability company (or an affiliated entity, the sole member of which is PHS Highland Park, Inc., a Minnesota nonprofit corporation (the “Borrower”), has requested that the HRA issue its revenue notes, in one or more series (including without limitation the Series 2023A Note and the Series 2023B Note described below and any additional series issued to finance the Project defined below, collectively, the “Series 2023 Notes”) under the Act and lend the proceeds thereof to the Borrower to: (i) finance the...
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