Board Bill Number 170 In Session 2020-2021

Summary

This Board Bill relates to an industrial development project for Saint Paul Properties Fund VII, LLC (the "Company"), an affiliate of Saint Paul Properties, LLC, a real estate investment firm that is active throughout the central United States. The project involves (1) the acquisition and renovation of the existing industrial property located at 5485 Brown Avenue (the "Project"), (2) the issuance of not to exceed $6,700,000 of industrial revenue bonds in connection with the Project (the "Bonds"), and (3) the provision of 10 years of real property tax abatement and assurance through the implementation of a fixed payment in lieu of tax schedule. The Bonds will be purchased by the Company and will be special limited obligations of the City payable only from lease revenues paid by the Company and not from any City tax revenues. The Bonds are not "debt" of the City and the City will have no obligation to make any payments on the Bonds if there are insufficient lease revenues.

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