Title
Resolution authorizing the issuance and sale of conduit multifamily housing revenue bonds for The Balsam on Broadway located at 540 Broadway Street; adopting a Housing Program; approving a waiver of the HRA Maximum Developer Fee Guidelines; and authorizing the execution of related documents, District 4, Ward 2
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA” or the “Issuer”), 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, LSBD St. Paul Broadway, LLC, a Minnesota limited liability company (the “Borrower”), has requested that the HRA issue its multifamily housing revenue bond, in one or more series in an original principal amount estimated not to exceed $33,000,000 (collectively, the “Series 2023 Bonds”), under the Act and lend the proceeds thereof to the Borrower, to be used along with other available funds of the Borrower, in order to: (i) finance the acquisi...
Click here for full text