12-15-2021 Council Packet - Laserfiche WebLink

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72085288v1 A-1 EXHIBIT A NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR A HOUSING FINANCE PROGRAM AND THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS TO FINANCE A MULTIFAMILY HOUSING DEVELOPMENT (TWIN LAKE APARTMENTS PROJECT) TO WHOM IT MAY CONCERN: Notice is hereby given that the City Council of the City of Little Canada, Minnesota (the "City"), will meet in the City Council Chambers of City Hall, 515 Little Canada Road East, in the City, at 7:30 p.m. on Wednesday, December 15, 2021, to consider a housing finance program of the City and the proposal of Twin Lake Limited Partnership, a Minnesota limited partnership, or an affiliate of Reuter Walton Development, LLC, a Minnesota limited liability company (the "Borrower"), with Twin Lake GP LLC, a Minnesota limited lability company, as general partner, that the project described below be assisted by the issuance of multifamily housing revenue bonds under Minnesota Statutes, Chapter 462C. The "Project" consists of the acquisition and construction of an approximately 87,723 square-foot rentable apartment community that will comprise of an approximately 60-unit multifamily housing development for households of low and moderate income, and functionally related facilities, including an underground parking garage, expected to be known as Twin Lake Apartments, located at the northwest corner of Twin Lake Boulevard and Bankers Drive, in the City. The Project will be owned and operated by the Borrower. The Project is currently anticipated to consist of the following units: The maximum aggregate estimated principal amount of the bonds or other obligations to be issued in one or more series to finance the Project pursuant to the housing finance program will be approximately $11,000,000 (the "Bonds"). Subsequent to approval of a housing finance program, the City may issue the Bonds to finance the housing finance program. The Bonds, as and when issued, will not constitute a charge, lien, or encumbrance upon any property of the City, except the Project and the revenues to be derived from the Project. Such Bonds will not be a charge against the City's general credit or taxing powers but are payable from sums to be paid by the Borrower pursuant to a revenue agreement. Units Number of Units Square Footage Per Unit Estimated Initial Rents Per Unit 1 BR/1 Bath 25 663 $1,103/month 2 BR/1 Bath 12 957 $1,322/month 2 BR/1 Bath 12 1005 $1,322/month 3 BR/2 Bath 11 1218 $1,524/month