06-14-2023 Council Packet - Laserfiche WebLink

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127567394v2 2 RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR A HOUSING FINANCE PROGRAM AND GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF HOUSING FACILITY REVENUE BONDS TO FINANCE A MULTIFAMILY HOUSING PROJECT PURSUANT TO MINNESOTA LAW, AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING (RICE & DEMONT APARTMENTS PROJECT) (a) WHEREAS, Minnesota Statutes, Chapter 462C (the "Act"), confers upon cities, the power to issue revenue obligations to finance multifamily housing developments within the boundaries of the city; and (b) WHEREAS, the City Council of the City of Little Canada, Minnesota (the "City"), has received a proposal from RIDE Limited Partnership, a Minnesota limited partnership, or an affiliate of Reuter Walton Development, LLC, a Minnesota limited liability company, (the "Borrower"), with RIDE GP LLC, a Minnesota limited liability company, as general partner, that the City assist in financing a Project hereinafter described, through the issuance of revenue bonds or obligations (in one or more series) (the "Bonds") to be issued in 2023 or later, pursuant to the Act; and (c) WHEREAS, 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; and (d) WHEREAS, the Project to be financed by the Bonds consists of the acquisition and construction of an approximately 233,180 square-foot rentable apartment community that will consist of an approximately 175-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 Rice & Demont Apartments, located at 2550 Rice Street, on the east side of Rice Street north of W. Demont Avenue, in the City (the "Project"). The Borrower or a related entity will be the owner and operator of the Project; and (e) WHEREAS, 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; and (f) WHEREAS, before proceeding with final consideration of the request of the Borrower it is necessary for the City to hold a public hearing on the housing finance program and proposal pursuant to the Act: NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Little Canada, Minnesota, as follows: