01-27-1999 Council Agenda - Laserfiche WebLink

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515 Little Canada Road, Little Canada, MN 55117 -1600 (651) 484 -2177 / FAX: (651) 484 -4538 January 19, 1999 Little Canada Leased Housing Associates, LLP c/o Dominium Group, Inc. 2355 Polaris Lane North, Suite 100 Plymouth, MN 55447 RE: Provinces of Little Canada Project To Whom It May Concern: MAYOR Michael I. Fahey COUNCIL Beverly Scalze Jim LaValle Steve Morelan Bob Pedersen ADMINISTRATOR Joel R. Hanson You have sought the determination of the City of Little Canada, Minnesota (the "City ") as the issuer of $3,885,000 Multifamily Housing Revenue Bonds, Series 1996 (Provinces of Little Canada Project), dated as of February 1, 1996 (the `Bonds "), that the amount of low- income housing tax credit (which is projected to be approximately $93,692 annually) to be generated by the 118 -unit multifamily rental housing development acquired by Little Canada Leased Housing Associates, LLP, a Minnesota limited liability partnership (the "Partnership "), located at 153 -155 Little Canada Road East, in the City of Little Canada, Minnesota (the "Project ") will not exceed the amount necessary for the financial feasibility of the Project and its viability as a qualified low- income housing project. We have reviewed, for purposes of this determination, (i) the sources and uses of funds and the total financing planned for the Project, (ii) any proceeds or receipts expected to be generated by reason of tax benefits from the Project, (iii) the percentage of the housing credit dollar used for Project costs, and (iv) the reasonableness of the development and operational costs of the Project. Based upon our review of the relevant information, which includes the foregoing, we have determined that the housing credit dollar amount allocated to the Project does not exceed the amount necessary for the financial feasibility of the Project and its viability as a qualified low - income housing project throughout the ten- (10 -) year period commencing with the placement of the Project into service by the Partnership. Nothing contained herein shall be determined to be nor shall constitute a warranty or guaranty to you or any other person or entity: (i) that the Project will be owned or operated in such a manner to generate the low- income housing tax credit, (ii) as to the financial feasibility or continuing viability of the Project, or (iii) concerning any other aspect of the low - income housing tax credit allowed pursuant to Section 42 or the Internal Revenue Code of 1986, as amended. Sincerely, Joel R. Hanson City Administrator JRH:kpp Page 55