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06-08-2022 Council Packet
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06-08-2022 Council Packet
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73515263v2 <br /> <br /> <br />EXHIBIT A <br />PROGRAM FOR FINANCING AN <br />AFFORDABLE MULTIFAMILY RENTAL HOUSING DEVELOPMENT <br /> <br />Proposal Authority. Pursuant to Minnesota Statutes, Chapter 462C (the "Act"), the City of <br />Little Canada, Minnesota (the "City") is authorized to develop and administer programs of making <br />loans to finance multifamily housing developments and functionally related facilities. Minnesota <br />Statutes, Section 462C.05, subdivision 2, provides that such multifamily housing developments <br />can be designed to be affordable for persons or households of low to moderate income. Minnesota <br />Statutes, Section 462C.07, provides that the City may issue revenue bonds to finance such <br />programs and developments. This affordable multifamily rental housing development finance <br />program (this "Program") is undertaken by the City to finance a Project, as hereinafter described, <br />which shall be owned and operated by Twin Lake Limited Partnership, a Minnesota limited <br />partnership, or an affiliate of Reuter Walton Development, LLC, a Minnesota limited liability <br />company (the "Borrower"), with Twin Lake GP LLC, a Minnesota limited lability company, as <br />general partner. The City proposes to issue one or more series of tax-exempt and/or taxable revenue <br />bonds or other obligations (the "Bonds") pursuant to the Act to assist in financing the Project. <br />General Description of the Project and Location. The Project consists of the acquisition <br />and construction of an approximately 90,902 square-foot rentable apartment community that will <br />comprise an approximately 60-unit multifamily housing development for households of low and <br />moderate income, and functionally related facilities, including an underground parking garage, <br />expected to be known as Twin Lake Apartments, located at the northwest corner of Twin Lake <br />Boulevard and Bankers Drive, in the City. <br />The Project is designed and is intended for residency by persons or households of low to <br />moderate income, pursuant to the Act. The Facility will consist of the following living units: <br /> <br /> <br /> <br /> <br /> <br />Operation of the Project. The Borrower will operate the Project in accordance with <br />applicable development restrictions, and all construction will be subject to applicable state and <br /> <br />Units <br /> <br />Number of Units <br />Square Footage <br />Per Unit <br />Estimated Initial <br />Rents Per Unit <br />1 BR/1 Bath 3 663 $582/month <br />1 BR/1 Bath 22 663 $1,242/month <br />2 BR/1 Bath 12 986 $1,489/month <br />2 BR/1 Bath 12 1034 $1,489/month <br />3 BR/2 Bath 11 1253 $1,717/month
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