06-14-2023 Council Packet - Laserfiche WebLink

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TO: Mayor Fischer and Members of City Council FROM: Corrin Wendell, Community Development Director Chris Heineman, City Administrator DATE: June 14, 2023 RE: Rice and Demont Apartments Project Resolution Calling for Public Hearing for Issuance of Housing Revenue Bonds Letter of Support for Minnesota Housing Tax Credits STAFF REPORT ACTION TO BE CONSIDERED 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 (Rice and Demont Apartments Project). BACKGROUND Reuter Walton Development, LLC has developed a preliminary proposal to develop a multi- family housing project at the intersection of Rice Street and Demont. In order to facilitate the financing for the project, Reuter Walton is requesting support from the City of Little Canada through the issuance of revenue bonds or obligations in 2023 or later. Taft will be serving as bond counsel for the issuance of Multifamily Housing Revenue Bonds. The City of Little Canada recognizes that multifamily rental housing plays an important role within the community. As such, the City is committed to the maintenance and development of affordable housing opportunities for residents of Little Canada. The City also encourages the development and maintenance of housing designed for occupancy by low and moderate- income households; and encourages the redevelopment of blighted or underutilized land and structures within the boundaries of the City. The proposed project at Rice and Demont will assist the City in achieving these objectives. The "Project" will consist of the acquisition and construction of an approximately 233,180 square-foot rentable apartment community that will comprise an approximately 175-unit multifamily housing development for households of low and moderate income. The project will include an underground parking garage to be located on the east side of Rice Street and north of West Demont Avenue. The Project will be owned and operated by the borrower (Reuter Walton Development, LLC).