HOUSING AND REDEVELOPMENT AUTHORITY
OF THE CITY OF SAINT PAUL, MINNESOTA
NOTICE OF PUBLIC HEARING
ON A PROPOSAL FOR THE ISSUANCE OF CONDUIT REVENUE BONDS FOR
A MULTIFAMILY HOUSING PROJECT (848 PAYNE AVENUE PROJECT)
NOTICE IS HEREBY GIVEN that the Board of Commissioners (the “Board”) of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) will hold a public hearing on Wednesday, April 22, 2020, beginning at 2:00 p.m. to consider a proposal of 848 Payne, LLLP, a Minnesota limited liability limited partnership (or an affiliated entity, the “Borrower”) that the HRA assist in financing a multifamily rental housing development described below, pursuant to Minnesota Statutes, Chapter 462C, by the issuance of revenue bonds or notes (the “Obligations”), in one or more series, at one time or from time to time, bearing interest at fixed or variable rates, to be offered publicly and/or privately.
The proceeds of such Obligations will be used to (i) finance the acquisition, construction and equipping of an approximately 99-unit multifamily rental housing development and functionally related facilities, to be located on a one and one-half acre parcel on the southeast corner of the intersection of Payne Avenue and Aguirre St./Wadena Ave. in the City of Saint Paul (the “City”); (ii) pay costs of issuance and other costs related to the issuance of the Obligations; and (iii) fund capitalized interest and certain reserves, if necessary (collectively, the “Project”). The Project will be owned and operated by the Borrower.
The estimated maximum aggregate principal amount of tax-exempt and taxable revenue Obligations to be issued to finance the Project will not exceed $13,000,000.
The Obligations, if and when issued, will be special, limited revenue obligations of the HRA payable solely from the revenues expressly pledged to the payment thereof, and will not constitute a general or moral obligation of the HRA or the City, and will not be secured by the taxing powers of the HRA or the City or any assets or property of the HRA or the City, but will be payable from loan payments made by, and revenues and collateral pledged by, the Borrower to the HRA pursuant to a Loan Agreement.
The Chair of the HRA has determined, due to the emergency declared under Minn. Stat. Chapter 12 by the Governor of Minnesota and the Mayor regarding the COVID-19 health pandemic, that it is not practical nor prudent for the HRA Board to meet in-person or pursuant to Minnesota Statutes, Section 13D.02. In light of the COVID-19 health pandemic, it is not feasible for any member of HRA Board to be present at the regular location, and all members of the HRA Board will attend this meeting by telephone or other electronic means.
It is also not feasible for members of the public to attend the meeting at its regular location due to the health pandemic and emergency. Accordingly, no meeting will be held in Council Chambers at 15 W. Kellogg Boulevard in the City of Saint Paul.
Members of the public may monitor this meeting remotely at https://stpaul.legistar.com/Calendar.aspx. Public comment can be submitted via voicemail at 651-266-6806 or via email to HRAHearing@ci.stpaul.mn.us. Any comments and materials submitted by 12:00 noon of the meeting day will be provided to the HRA Board for their consideration. To provide comments during the public hearing, please call 651-266-5860.
HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT PAUL, MINNESOTA
/s/ Kristin Guild
Interim Executive Director