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73515263v2 <br /> <br /> 2 <br /> <br />RESOLUTION NO. 2022-6-_____ <br />APPROVING ISSUANCE AND SALE OF A <br />MULTIFAMILY HOUSING REVENUE NOTE <br />(TWIN LAKE APARTMENTS PROJECT), SERIES 2022, AND APPROVING A <br />HOUSING PROGRAM PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C <br />WHEREAS, <br />A. The City of Little Canada, Minnesota (the "Governmental Lender" or <br />"City") is authorized pursuant to Minnesota Statutes, Chapter 462C, as amended (the <br />"Act"), to finance the making or purchasing of loans with respect to multifamily housing <br />developments within the boundaries of the City through the issuance of revenue <br />obligations; and <br />B. Pursuant to the Act, the full faith and credit of the City will not be pledged <br />to the payment of the principal of, premium, if any, and interest on the Note (as defined <br />below); and <br />C. The City has received a proposal from Twin Lake Limited Partnership, a <br />Minnesota limited partnership (the "Borrower"), that the City undertake a program to <br />finance the Project hereinafter described through the issuance of its revenue obligation in <br />the aggregate principal amount not to exceed $11,000,000 to finance the acquisition and <br />construction of an approximately 90,902 square-foot rentable apartment community that <br />will comprise an approximately 60-unit multifamily housing development for households <br />of low and moderate income, and functionally related facilities, including an underground <br />parking garage, expected to be known as Twin Lake Apartments, located at the northwest <br />corner of Twin Lake Boulevard and Bankers Drive, in the City (the "Project"), which will <br />be owned and operated by the Borrower; and <br />D. A public hearing on the Project and the housing finance program related <br />thereto was held this same day, after notice was published in the official newspaper of the <br />City not less than 15 days in advance of said public hearing, and materials were made <br />available for public inspection at the City Hall, all as required by the Act and Section 147(f) <br />of the Internal Revenue Code of 1986, as amended (the "Code"), at which public hearing <br />all those appearing who desired to speak were heard and written comments were accepted; <br />and <br />E. Pursuant to Section 462C.04 of the Act, the City made timely submission <br />of the housing finance program to the Metropolitan Council for its review and comment, <br />and the City has received no comment from the Metropolitan Council on such program; <br />and <br />F. No public official of the City has either a direct or indirect financial interest <br />in the Project nor will any public official either directly or indirectly benefit financially <br />from the Project.