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76978909v3 <br /> <br /> <br /> 2 <br /> <br />RESOLUTION NO. _____ <br />APPROVING ISSUANCE AND SALE OF A <br />MULTIFAMILY HOUSING REVENUE NOTE <br />(LICA APARTMENTS PROJECT), SERIES 2023, AND APPROVING A HOUSING <br />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 Little Canada Phase II Limited <br />Partnership, a Minnesota limited partnership (the "Borrower"), that the City undertake a <br />program to finance the Project hereinafter described through the issuance of its revenue <br />obligation in the aggregate principal amount not to exceed $10,000,000 to finance the <br />acquisition and construction of an approximately 90,902 square-foot rentable apartment <br />community that will consist of an approximately 60-unit multifamily housing development <br />for households of low and moderate income, and functionally related facilities, including <br />an underground parking garage, expected to be known as Lica Apartments, located at 45 <br />Twin Lake Boulevard, in the City (the "Project"), which will be owned and operated by the <br />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 not received 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.