Title
Granting preliminary approval to the project and the program pursuant to Minnesota Statutes, Chapter 462c, and authorizing the Housing and Redevelopment Authority to issue housing revenue bonds for the Northern Warehouse Project.
Body
WHEREAS, Minnesota Statutes, Chapter 462C (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 multi-family housing project developments within the boundaries of the city; and
WHEREAS, The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (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; and
WHEREAS, The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") has received a proposal from Artspace Northern Warehouse Limited Partnership, a Minnesota limited partnership (the "Borrower"), that the HRA undertake a program (the "Housing Program") to finance the Project hereinafter described, through the issuance of housing revenue bonds in the estimated principal amount of $7,300,000 pursuant to Minnesota Statutes, Chapter 462C (the "Bonds"); and
WHEREAS, The Project to be financed by the Bonds is the acquisition of an existing 6 story building (or a condominium unit therein) and the renovation thereof into an approximately 52 unit rental housing facility located at 308 Prince Street in the City of Saint Paul, Minnesota (the "Project"); and
WHEREAS, The proposal calls for the HRA to loan the proceeds realized upon the sale of the Bonds to the Borrower pursuant to a loan agreement wherein the Borrower will be obligated to pay all costs and expenses of the ...
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