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Committee grants host approval for 180 Degrees bond refinancing and to support Rochester shelter project
Summary
The committee authorized host approval for the city of Eota to issue tax‑exempt revenue bonds for 180 Degrees, including up to $1.6 million to refinance six Minneapolis properties and support a new Rochester youth shelter; a $5,000 host fee was paid.
The Business, Housing and Zoning Committee on June 24 authorized host approval for the city of Eota, Minnesota, to issue tax‑exempt revenue bonds for 180 Degrees, a Minnesota nonprofit that operates emergency and transitional housing.
Becky Shaw of CPED Business Development said 180 Degrees is seeking host approval as part of a bond issuance that would finance a new youth shelter in Rochester and refinance outstanding debt on six Minneapolis multifamily properties acquired in 2019. The request includes authority for up to $1,600,000 in tax‑exempt revenue bonds to refinance the Minneapolis properties. As required by the city’s conduit bond policy, 180 Degrees paid a $5,000 host approval fee to Minneapolis.
Shaw said city staff will jointly submit a housing program request and enter a cooperative agreement with Eota related to the bonds. The committee voted to authorize the host approval and to move the matter forward for the city’s standard conduit‑bond procedures.
