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515 Little Canada Road, Little Canada, MN 55117-1600 <br />(651) 484 -2177 / FAX: (651) 484 -4538 <br />April 14, 1999 <br />Little Canada Leased Housing <br />Associates, L.L.P. <br />c/o Dominium Group, Inc. <br />2355 Polaris Lane North, Suite 100 <br />Plymouth, Minnesota 55447 <br />RE: Provinces of Little Canada Project <br />Ladies and Gentlemen: <br />MAYOR <br />Michael I. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morelan <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />You have sought the determination of the City of Little Canada, Minnesota (the "City") as the <br />issuer of $3,885,000 Multifamily Housing Revenue Bonds, Series 1996 (Provinces of Little <br />Canada Project), dated as of February 1, 1996 (the "Bonds "), that the amount of low - income <br />housing tax credit (which is projected to be approximately $93,692 annually) to be generated by <br />the 118 -unit multifamily rental housing development acquired by Little Canada Leased Housing <br />Associates, L.L.P., a Minnesota limited liability partnership (the "Partnership "), located at 153- <br />155 Little Canada Road East, in the City of Little Canada, Minnesota (the "Project ") will not <br />exceed the amount necessary for the financial feasibility of the Project and its viability as a <br />qualified low- income housing project. <br />We have reviewed, for purposes of this determination, (i) the sources and uses of funds and the <br />total financing planned for the Project, (ii) any proceeds or receipts expected to be generated by <br />reason of tax benefits from the Project, (iii) the percentage of the housing credit dollar used for <br />Project costs, and (iv) the reasonableness of the development and operational costs of the Project. <br />Our review has included a review of the following documents which are attached hereto as <br />exhibits: <br />(1) Independent Auditor's Report expressing an opinion with regard to the <br />Partnership's Final Cost Certification (MHFA Form LIHC -9); <br />(2) signed updated Application (MHFA Form LIHC -1); <br />(3) statements documenting the amount and disposition of reserves and cost savings; <br />(4) the syndication Investment Agreement dated October 29, 1997; <br />(5) the Loan Agreement Between The City of Little Canada, Minnesota and Little <br />Canada Leased Housing Associates, L.L.P. dated as of February 1, 1996; <br />(6) the Amended and Restated Development Fee Agreement dated as of <br />Page 34 <br />