12-14-2022 Council Packet - Laserfiche WebLink

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TO: Mayor Keis and Members of City Council FROM: Chris Heineman, City Administrator Corrin Wendell, Community Development Director DATE: December 14, 2022 RE: Twin Lake Boulevard Phase II Project Resolution Calling for Public Hearing ACTION TO BE CONSIDERED STAFF REPORT The City Council is asked to consider a resolution calling for a public hearing at a later date on a proposal for a housing finance program and giving preliminary approval to the issuance of housing facility revenue bonds to finance multifamily housing project and authorizing the publication of a notice of the hearing (Lica Apartments Project). BACKGROUND The City has received a request from Little Canada Phase II Limited Partnership, a Minnesota limited partnership, or an affiliate of Reuter Walton Development, LLC, with Little Canada Phase II GP LLC, that the City assist in financing a Project, through the issuance of revenue bonds or obligations (in one or more series) (the "Bonds") to be issued in 2023 or later. Taft will be serving as bond counsel for the issuance of Multifamily Housing Revenue Bonds. The City desires to facilitate the maintenance and development of multifamily rental housing within the community; encourage the development of affordable housing opportunities for residents of the City; encourage the development and maintenance of housing facilities designed for occupancy by low- and moderate-income households; and encourage the development of blighted or underutilized land and structures within the boundaries of the City; and the Project will assist the City in achieving these objectives. The Project to be financed by the Bonds consists of the acquisition and construction of an approximately 90,902 square-foot rentable apartment community that will consist 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 Lica Apartments, located at 45 Twin Lake Boulevard, in the City. The Borrower or a related entity will be the owner and operator of the Project. No public official of the City has either a direct or indirect financial interest in the Project nor will any public official either directly or indirectly benefit financially from the Project.