Title
Resolution giving preliminary approval to the proposed issuance of conduit multifamily housing revenue bonds for the Balsam on Broadway Apartments located at 540 Broadway Street, under Minnesota Statutes, Chapter 462C; and adopting a Housing Program, District 17 Ward 2
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) 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 conduit 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, and without limitation under the provisions of Minnesota Statutes, Chapter 475, as amended; and
WHEREAS, LSBD St. Paul Broadway, LLC, a Minnesota limited liability company (the “Borrower”), has requested that the HRA issue one or more series of tax-exempt or taxable conduit multifamily housing revenue bonds (the “Bonds”) and loan the proceeds derived from the sale of the Bonds to the Borrower, pursuant to the terms of a Loan Agreement between the HRA and the Borrower (the “Loan Agreement”) to be used to (i) finance the acquisition, construction and equipping of a six-story approximately 128-unit multifamily rental housing development and functionally related fac...
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