Laserfiche WebLink
STAFF REPORT <br />TO: Mayor Fischer and Members of City Council <br />FROM: Chris Heineman, City Administrator <br />DATE: November 13, 2024 <br />RE: Conduct a Public Hearing and Adopt a Resolution approving the issuance and sale <br />of a Multifamily Housing Revenue Note for the RIDE Apartments Project, Series <br />2024, and approving housing program pursuant to Minnesota Statutes, Chapter <br />462C. <br />ACTION TO BE CONSIDERED <br />The City Council is asked to conduct a Public Hearing and adopt a Resolution for the issuance of <br />conduit revenue bonds by the City of Little Canada for a Multifamily Affordable Revenue <br />Housing Project known as the RIDE Apartments in Little Canada. <br />BACKGROUND <br />City staff has been working with Reuter Walton on a proposed multifamily housing project to be <br />located at the intersection of Rice Street and Demont in Little Canada for two years. As part of <br />this process, the City of Little Canada is asked to serve as the “Governmental Lender” to utilize <br />our tax-exempt bonding authority to issue revenue obligations (bonds) in the aggregate principal <br />amount of up to $25,820,300 for the project. The RIDE Apartment project will consist of an <br />approximately 160-unit multifamily housing development for households of low and moderate <br />income located at 2550 Rice Street in the City of Little Canada. <br />Attached to this memo are substantially final drafts of the documents that are referenced in the <br />resolution. These documents are subject to revision and finalization up to closing but are in <br />sufficiently final form for the purposes of the resolution. <br />a)Funding Loan Agreement; <br />b)Project Loan Agreement; <br />c)Regulatory Agreement; <br />d) Allonge; and <br />e)Assignment of Mortgage. <br />The resolution refers to a not-to-exceed amount of $25,820,300 for the bonds. The documents <br />refer to a slightly smaller amount, but the amount in the resolution is the volume cap allocation <br />that was received from MMB and is used to provide flexibility. The City of Little Canada’s bond <br />attorney, Catherine Courtney, and her associate Dan Andersen from Taft Law Firm will be in <br />attendance at the public hearing to answer any questions you may have about this process. <br />RECOMMENDED ACTION <br />Following the public hearing, staff recommends City Council adoption of a resolution approving <br />the issuance and sale of a Multifamily Housing Revenue Note for the RIDE Apartments Project, <br />Series 2024, and approving housing program pursuant to Minnesota Statutes, Chapter 462C.