04-14-2021 Council Packet - Laserfiche WebLink

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13152933v3 A-2 Independent: Types of Units Square Footage Estimated Rents/Fees 1 BR/1 BA (18 units) 1 BR + den/1 BA (11 units) 2 BR/1–2 BA (6 units) 714 ft 724–770 ft 997–1,248 ft $2,350 $2,550 $3,350 Assisted Living: Types of Units Square Footage Estimated Rents/Fees Studio (20 units) 1 BR /1 BA (16 units) 419-490 ft 701–714 ft $3,500 $4,250 Memory Care: Types of Units Square Footage Estimated Rents/Fees Studio (13 units) Studio (1 unit) 419–464 ft 570 ft $6,400 $6,500 Care Suites Types of Units Square Footage Estimated Rents/Fees Studio (12 units) 419–598 ft $6,500 The Cities will issue the Obligations in one or more series of tax-exempt and/or taxable obligations to finance the Project in an aggregate principal amount of Obligations not to exceed $36,000,000, with the principal amounts of Notes to be issued by the City of Hampton, Minnesota and the City of Landfall Village, Minnesota each expected not to exceed $10,000,000, the principal amount of Notes to be issued by the City of Falcon Heights, Minnesota expected not to exceed $8,000,000, and the aggregate principal amount of Bonds to be issued by the City of Little Canada, Minnesota expected not to exceed $8,000,000. The Borrower will be required, pursuant to the Loan Agreements, to make payments sufficient to pay when due the principal of, premium, if any, and interest on the Obligations. The Obligations may be structured so as to take advantage of whatever means are available or necessary and are permitted by law to enhance the security for and marketability of the Obligations. Substantially all of the net proceeds of the Obligations (the initial principal amount thereof, less amounts deposited in reasonably required reserves or paid out as costs of issuance of the Obligations) will be used to pay the costs of the Project, including any functionally related and subordinate facilities. Because the Borrower is an organization described in Section 501(c)(3) of the Code, no allocation of authority to issue tax-exempt bonds is required pursuant to Minnesota Statutes, Chapter 474A. The Obligations will be issued pursuant to Section 462C.05, subdivision 7 of the Act because the New Harmony Facilities will consist of a combined multifamily housing development and health care facility as defined in Minnesota Statutes, Section 469.153, and will be payable primarily from revenues of the New Harmony Facilities. The multifamily housing development is designed and used for rental occupancy primarily by the elderly.