11-13-2024 Council Packet - Laserfiche WebLink

Home Browse Search

135259170v4 A-2 the financing will be Ride Limited Partnership, a Minnesota limited partnership (the “Borrower”), with Ride Apartments GP, LLC, a Delaware limited liability company, as general partner. Location. This Program is limited to the Project. The Project is located at 2550 Rice Street, in Little Canada, Minnesota. Units. The Project is currently anticipated to consist of the following units: Revenue Note. The amount of revenue notes required to finance this Program will not exceed $25,820,300. The City preliminarily intends to finance the Program by issuing notes, in one or more series. The proceeds will finance the acquisition and construction of the Project and pay costs of issuing the notes. The revenue notes are expected to be issued in 2024, subject to final Council approval in its sole and absolute discretion. Monitoring. The City expects to enter into suitable agreements with the Borrower, the purchaser of the Note and/or others respecting the monitoring or implementation by participants to ensure that the Project will be consistent with this housing Program and its objectives, which for this purpose means providing affordable rental housing for seniors and their families. Meeting Needs; Methods. The Program will meet the need for rental housing for families of low and moderate incomes by providing units at an affordable rent. The City believes that this Program will help meet the identified needs under this Program. The specific methods anticipated to be used include the issuance of revenue Note under the Act to provide feasible financing for various aspects of the Program so undertaken. Authorization. The Program is undertaken pursuant to Minnesota Statutes, Section 462C.05, Subdivisions 1 and 2, for units designed primarily for persons and families with adjusted gross income not in excess of the limits set forth in Minnesota Statues, Section 462C.03 subdivision 2. Limits on Gross Income. In connection with the issuance of the Note, the Borrower will be required to agree to limit the gross income of occupants of the Project in accordance with the requirements of Minnesota Statutes, Chapter 462C, and with the requirements relating to tax- exempt bonds for qualified residential rental projects. Adopted and approved on November 13, 2024, by the City Council of the City of Little Canada, Minnesota. Units Number of Units Square Footage Per Unit Estimated Initial Rents Per Unit 1 BR/1 Bath 14 663 $625/month 1 BR/1 Bath 13 663 $1,325/month 2 BR/2 Bath 98 939 $1,586/month 3 BR/2 Bath 45 1,187 $1,828/month