12-20-2023 Council Packet - Laserfiche WebLink

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130020361v1 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 (THOMPSON FLATS 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 Thompson Housing Limited Partnership, a Minnesota limited partnership, or an affiliate of Reuter Walton Development, LLC, a Minnesota limited liability company (the "Borrower"), with Thompson Housing 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 2024 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 116,893 square-foot rentable apartment community that will consist of an approximately 75-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 Thompson Flats, located at 212 Thompson Avenue East, West St. Paul, Minnesota (the "Project"). The Borrower or a related entity will be the owner and operator of the Project; and (e) WHEREAS, the City has been advised that the City of West St. Paul cannot act as issuer and that the Dakota County Community Development Agency is supportive of the City acting as issuer for the Project; and (f) 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 (g) 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: