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06-27-2018 Council Packet - final
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06-27-2018 Council Packet - final
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10863462v1 <br /> <br /> <br /> <br /> <br /> <br /> MEMORANDUM <br /> <br />TO: City Council of the City of Little Canada <br />FROM: Catherine J. Courtney <br />DATE: June 20, 2018 <br />RE: Termination of Regulatory Agreement and Tax Credit Usage Agreement <br />Related to Provinces of Little Canada <br /> <br /> <br /> <br />In 1996, the City of Little Canada (the “City”) issued its $3,885,000 Multifamily Housing <br />Revenue Bonds, Series 1996 (the “Bonds”) and loaned the proceeds to Leased Canada Leased <br />Housing Associates, L.L.P. (the “Borrower”), with respect to the acquisition and construction of <br />an 118-unit multifamily rental housing project known as the “Provinces of Little Canada” (the <br />“Project”). <br />Related to the issuance of the Bonds and the Project, the City and the Borrower entered <br />into a Regulatory Agreement and a Tax Credit Usage Agreement, providing for certain tenant <br />income restrictions for the Project. Both of these documents were recorded in the real estate <br />records related to the Project. <br />The Bonds have been paid in full and the “qualified project period,” as defined in the <br />Regulatory Agreement, has been satisfied. Also, the Tax Credit Usage Agreement has <br />terminated by its terms. Therefore, neither agreement continues to apply to the Project. <br /> The Borrower is selling the Project and, related to that sale, has requested that the City <br />terminate both documents so that they can be removed from the real estate records. A tax credit <br />land use restriction agreement will remain in place. The Borrower provided forms of such <br />terminations, which we, as the City’s bond counsel have reviewed and approved. Therefore, if <br />the City so desires, we advise that both documents may be terminated and that the provided <br />forms of terminations can be signed by the Mayor and Administrator and delivered for recording. <br /> <br /> <br />
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