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HRA approves conduit lease-revenue bond refunding for Twin Cities German Immersion School after public hearing
Summary
After a public hearing, the HRA adopted a resolution authorizing conduit lease-revenue refunding bonds for the Twin Cities German Immersion School; one commissioner recorded opposition to conduit bonds for charter schools citing fiscal impact on St. Paul Public Schools.
The St. Paul City Housing and Redevelopment Authority held a public hearing and then voted to adopt a resolution authorizing the issuance and sale of conduit charter school lease-revenue refunding bonds under Minnesota Statutes sections 469.152 through 469.1655 for the Twin Cities German Immersion School project.
Vice Chair Sarah Jost opened the public hearing and noted speakers would have two minutes; no members of the public spoke at the hearing. After closing the hearing on a motion from Council Member Coleman, the body discussed the item briefly. Councilor Mariette thanked the applicants for attending and said she generally does not vote in favor of conduit revenue bonds for charter and private schools because of what she described as "a negative fiscal impact to our public school systems and Saint Paul public schools to be specific." She said, "to be consistent, I will not be voting in, in support of this item here."
Council Member Bui moved approval. The HRA recorded a 4-1 vote: four in favor, one opposed (Commissioner Yang). The resolution was adopted.
The adopted resolution authorizes the conduit issuance and refunding under the cited Minnesota statutes; the transcript records no further financial details, such as bond amount, interest rate, or schedule, in the public hearing discussion.
