Laserfiche WebLink
135259170v4 <br /> <br />1 <br /> <br />Extract of Minutes of a Meeting of the <br />City Council of the <br />City of Little Canada, Minnesota <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City <br />of Little Canada, Minnesota, was duly held at the City Hall, or by electronic means as permitted <br />by law, in said City on Monday, the 13th day of November, 2024, at 7:30 p.m. <br />The following members were present: <br />and the following were absent: <br />Member ______________ introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2024-11-127 <br />APPROVING ISSUANCE AND SALE OF <br />MULTIFAMILY HOUSING REVENUE NOTE <br />(RIDE APARTMENTS PROJECT), SERIES 2024 <br />AND APPROVING HOUSING PROGRAM <br />PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C <br />WHEREAS, <br />A. The City of Little Canada, Minnesota (the “Governmental Lender”) is <br />authorized pursuant to Minnesota Statutes, Chapter 462C and Chapter 474A, as amended <br />(collectively, the “Act”), to finance or refinance the making or purchasing of loans with <br />respect to multifamily housing developments within the boundaries of the City of Little <br />Canada, Minnesota (the “City”) through the issuance of revenue obligations; <br />B. Pursuant to the Act, the full faith and credit of the Governmental Lender <br />will not be pledged to the payment of the principal of, premium, if any, and interest on <br />the Note (as defined below); <br />C. The Governmental Lender has received a proposal from Ride Limited <br />Partnership, a Minnesota limited partnership (the “Borrower”), that the Governmental <br />Lender issue its revenue obligations in the aggregate principal amount of up to <br />$25,820,300 to finance the acquisition, construction, and equipping of an approximately <br />235,428 rentable square-foot housing apartment community that will consist of an <br />approximately 160-unit multifamily housing development for households of low and <br />moderate income, and functionally related facilities, located at 2550 Rice Street in the <br />City of Little Canada, Minnesota (the “City”) (the “Project”); and <br />D. In accordance with Minnesota Statutes, Sections 462C.01(2) and 462C.04, <br />subd. 2, following due publication of notice and submission of a housing program to the <br />Metropolitan Council for review, the Governmental Lender held a public hearing on this