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76978909v3 <br /> <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 Little Canada Phase II Limited Partnership, a Minnesota <br />limited partnership, or an affiliate of Reuter Walton Development, LLC, a Minnesota limited <br />liability company (the "Borrower"), with Little Canada Phase II GP , LLC, a Minnesota limited <br />lability company, as general partner. The City proposes to issue one or more series of tax-exempt <br />and/or taxable revenue bonds or other obligations (the "Bonds") pursuant to the Act to assist in <br />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 />consist of 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 Lica Apartments, located at 45 Twin Lake Boulevard, 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 /> <br /> <br />Units <br /> <br />Number of Units <br />Square Footage <br />Per Unit <br />Estimated Initial <br />Rents Per Unit <br /> <br />1 BR/1 Bath 6 663 $600/month <br />1 BR/1 Bath 19 663 $1,222/month <br />2 BR/2 Bath 24 939 $1,525/month <br />3 BR/2 Bath 11 1,187 $1,765/month