12-20-2023 Council Packet - Laserfiche WebLink

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130021033v1 2 RESOLUTION AFFIRMING AND RATIFYING A PRIOR RESOLUTION THAT GAVE PRELIMINARY APPROVAL TO THE ISSUANCE OF HOUSING FACILITY REVENUE BONDS TO FINANCE A MULTIFAMILY HOUSING PROJECT PURSUANT TO MINNESOTA LAW, AND AUTHORIZED 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"), had previously 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 the acquisition and construction of a 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"), through the issuance of revenue bonds or obligations (in one or more series) (the "Bonds") to be issued, pursuant to the Act; and (c) WHEREAS, on June 14, 2023, the City adopted a 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) regarding to the Project (the "Prior Resolution"); and (d) WHEREAS, on June 23, 2023, Taft Stettinius & Hollister LLP, acting as Bond Counsel for the City, submitted on behalf of the City a completed Application for Allocation of Bonding Authority for Residential Rental Projects (the "Prior Application"); and (e) WHEREAS, the Project was subsequently not awarded an allocation, but was placed fourth in priority position on the Master Priority List for Residential Rental Housing Projects; and (f) WHEREAS, the Borrower has requested that the City reapply for an allocation award for the Project: NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Little Canada, Minnesota, as follows: