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$25M Revenue Bond Issue Spurs Housing 5000

ST. PAUL-The unusual collaboration between Minnesota banking giants who have been traditional rivals should help clear and redevelop "undesirable" property in the city and transform it into prime housing projects, city officials say.

By Jim McCartney | Updated on June 22, 2004

ST. PAUL-US Bank and Wells Fargo & Co. are expected to announce today they have agreed to guarantee the sale of $25 million in bonds by St. Paul’s Housing & Redevelopment Authority. The Housing & Redevelopment Authority approved the sale of revenue bonds to finance the purchase and preparation of property throughout the city for St. Paul’s Housing 5000 project.

Issuing the bonds was not possible until the banks agreed to provide a letter of credit for the bond issue. City officials called the partnership between Minnesota’s two largest banks and traditional rivals “an unusual collaboration.” US Bank is based in Minneapolis. Norwest Corp. of Minneapolis moved to San Francisco when it bought Wells Fargo, but retains strong ties to Minnesota.

The funds will be used to purchase and prepare undesirable property and transform it to what city officials say will be “prime real estate.”

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