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MINUTES <br />CITY COUNCIL <br />NOVEMBER 13, 2024 <br />RESOLUTION NO. 2 024-11-12 6 — A CCEPTING THE CANVASSING OF THE <br />NOVEMBER 5, 2024 STATE ELECTION FOR THE CITY OFFICES OF MAYOR AND <br />CITY COUNCIL MEMBERS. <br />The foregoing resolution was duly seconded by T. Miller. <br />Ayes (5). Nays (0). Resolution declared adopted. <br />There being no further business, upon motion by Mayor Fischer, seconded by Kwapick, the <br />Canvass Board meeting was adjourned at 7:34 p.m. <br />The regular City Council meeting was reconvened. <br />PUBLIC COMMENT <br />None. <br />PUBLIC HEARINGS <br />APPROVE ISSUANCE AND SALE OF MULTIFAMILY HOUSING REVENUE NOTE FOR <br />RIDE APARTMENTS PROJECT AND APPROVING HOUSING PROGRAM <br />The City Administrator stated that background information was included in the Council packet on the <br />development and items before the Council tonight. He stated that this is a 60 percent affordable transit <br />oriented, multi -family residential development. <br />Dan Anderson, from Taft Law Firm who is the bond counsel to the city, presented the proposed <br />resolution approving the issuance and sale of multifamily housing revenue note and approving the <br />housing program for the RIDE Apartments project. He provided information on the maximum amount <br />of the bonds to be used for this project noting that this transaction is set up similarly to other conduit <br />bond transactions. He commented that the city is not obligating itself to pay anything on the bonds and <br />would only act in the position of conduit issuer. <br />Mayor Fischer commented that the city has issued conduit bonds in the past and appreciated the <br />refresher on the process. <br />Mayor Fischer opened the public hearing for comments from the general public. <br />There were no further comments from the public. Upon motion by Kwapick, seconded by D. Miller, <br />the public hearing was closed. Ayes (5). Nays (0). Motion adopted. <br />D. Miller introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2024-11-127 — APPROVING THE ISSUANCE AND SALE OF THE <br />MULTIFAMILYHOUSING REVENUE NOTE FOR THE RIDE APARTMENT PROJECT <br />SERIES 2024 AND APPROVING HOUSING PROGRAM PURSUANT TO MINNESOTA <br />STATUTES CHAPTER 406-2C. <br />F <br />