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06-14-2023 Council Packet
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06-14-2023 Council Packet
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No public official of the City has either a direct or indirect financial interest in the Project nor <br />will any public official either directly or indirectly benefit financially from the Project. <br />The maximum aggregate estimated principal amount of the bonds or other obligations to be <br />issued in one or more series to finance the Project pursuant to the housing finance program will <br />be approximately $28,500,000 (the "Bonds"). <br /> <br />The Project is currently anticipated to consist of the following units: <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />RECOMMENDED ACTION <br />1) The City Council is asked to adopt a motion to approve a letter of support for the <br />proposed multi-family housing project for Reuter Walton to submit in their application <br />to Minnesota Housing for Housing Tax Credit funding rounds. A copy of the letter of <br />support is attached to this report. <br /> <br />2) The City Council is asked to adopt a Resolution calling for a public hearing to be <br />held at a later date on a proposal for a housing finance program and giving preliminary <br />approval for the issuance of housing facility revenue bonds to finance multifamily <br />housing project and authorizing the publication of a notice of the hearing at that time <br />(Rice and Demont Apartments Project). <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 18 663 $601/month <br />1 BR/1 Bath 33 663 $1,300/month <br />2 BR/2 Bath 94 939 $1,557/month <br />3 BR/2 Bath 30 1,187 $1,798/month
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