06-14-2023 Council Packet - Laserfiche WebLink

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127567394v2 A-1 EXHIBIT A NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR A HOUSING FINANCE PROGRAM AND THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS TO FINANCE A MULTIFAMILY HOUSING DEVELOPMENT (RICE & DE MONT APARTMENTS PROJECT) TO WHOM IT MAY CONCERN: Notice is hereby given that the City Council of the City of Little Canada, Minnesota (the "City"), will meet in the City Council Chambers of City Hall, 515 Little Canada Road East, in the City, at ___:___ p.m. on _____________, _____________ ____, 202__, to consider a housing finance program of the City and the proposal of 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 lability company, as general partner, that the project described below be assisted by the issuance of multifamily housing revenue bonds under Minnesota Statutes, Chapter 462C. The "Project" consists 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, 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 will be owned and operated by the Borrower. The Project is currently anticipated to consist of the following units: The maximum aggregate estimated principal amount of the bonds or other obligations to be issued in one or more series to finance the Project pursuant to the housing finance program will be approximately $28,500,000 (the "Bonds"). Subsequent to approval of a housing finance program, the City may issue the Bonds to finance the housing finance program. The Bonds, as and when issued, will not constitute a charge, lien, or encumbrance upon any property of the City, except the Project and the revenues to be derived from the Project. Such Bonds will not be a charge against the City's general credit or taxing powers but are payable from sums to be paid by the Borrower pursuant to a revenue agreement. Units Number of Units Square Footage Per Unit Estimated Initial Rents Per Unit 1 BR/1 Bath 18 663 $601/month 1 BR/1 Bath 33 663 $1,300/month 2 BR/2 Bath 94 939 $1,557/month 3 BR/2 Bath 30 1,187 $1,798/month