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<br /> <br /> <br />Mayor Keis also introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION NO. 2021-12-154 – APPROVE ALLOCATION OF BONDING AUTHORITY <br />FOR MULTI-FAMILY RENTAL HOUSING REVENUE BONDS <br /> <br />The foregoing resolution was duly seconded by Torkelson. <br />Ayes (5). Nays (0). Resolution declared adopted. <br /> <br />Reuter Walton submitted an application to Minnesota Housing for LIHTC tax credits and was <br />notified that this project was awarded an allocation of tax credits in January of 2022. There were <br />several additional steps that have taken place since that time, and the next step that is required is <br />the approval of a resolution approving the issuance and sale of bonds for the project. <br /> <br />The City Council Approved Resolution 154 on December 12, 2021 which authorized the City of <br />Little Canada to issue Housing Revenue Bonds for this project. Housing Revenue Bonds will not <br />constitute a charge, lien, or encumbrance upon any property of the Issuers, except the interests of <br />the Issuers in payments to be made by the Borrower under the Loan Agreements. The Bonds and <br />Notes are not moral obligations on the part of the State or its political subdivisions, including the <br />Issuers, and the Bonds and Notes will not constitute a debt of the Issuers within the meaning of <br />any constitutional or statutory limitation. <br /> <br />A presentation from project representatives will be provided at the City Council meeting to further <br />explain the project financing and answer any questions regarding the proposed bond issuance. <br /> <br /> <br />STAFF RECOMMENDATION <br />Staff recommends the City Council conduct a public hearing as noticed on the Issuance and Sale <br />of Multifamily Housing Revenue Note and Approving a Housing Program pursuant to Minnesota <br />Statutes, Chapter 462C. Following a public hearing, staff recommends City Council adoption of <br />a resolution approving the issuance and sale of a multifamily housing revenue note (Twin Lake <br />Apartments Project), Series 2022, and approving a housing program pursuant to, Minnesota <br />Statutes, Chapter 462C. <br /> <br />ATTACHMENTS: <br />1) Resolution approving Issuance and Sale of a Multifamily Housing Revenue Note (Twin <br />Lake Apartments Project), Series 2022, and approving a Housing Program pursuant to <br />Minnesota Statutes, Chapter 462C, which includes approval of the: <br />i. Housing Program <br />ii. Little Canada Twin Lake Funding Loan Agreement (Tax Exempt Loan Structure <br />with Fiscal Agent) <br />iii. Regulatory Agreement <br />iv. Little Canada Twin Lake Borrower Loan Agreement (Tax Exempt Loan Structure <br />with Fiscal Agent) <br />v. Assignment of Mortgage and Funding Loan Document <br />vi. Mortgage <br />vii. Subordination Agreement and other related transaction documents <br /> <br />