05-27-2026 Council Packet - Laserfiche WebLink

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199552303v5 3 1. The Borrower has proposed that the Governmental Lender issue and sell its Multifamily Housing Revenue Note (Little Canada Senior Housing Project), Series 2026 (the “Note”) in an amount not to exceed $17,000,000 to finance the costs of the Project, in accordance with this Resolution, a Funding Loan Agreement (the “Funding Loan Agreement”) between the Governmental Lender, U.S. Bank Trust Company, National Association (or another fiscal agent approved by the Borrower and R4 Capital Funding LLC), as fiscal agent (the “Fiscal Agent”), and Allianz Life Insurance Company of North America (or another funding lender designated by R4 Capital Funding LLC), as funding lender (the “Funding Lender”), and a Borrower Loan Agreement between the Governmental Lender and the Borrower (the “Borrower Loan Agreement”, and together with the Funding Loan Agreement, the “Loan Agreements”), which will be assigned to the Fiscal Agent for the benefit of the Funding Lender, under the terms of the Funding Loan Agreement and an Assignment of Mortgage and Funding Loan Documents. 2. Pursuant to the terms of the Loan Agreements, anticipated to be dated as of a date in either June or July of 2026, the Governmental Lender will loan the proceeds of the Note (the “Loan”) to the Borrower to finance a portion of the Project and, in turn, the Borrower will provide a Borrower Note to evidence its repayment obligation under the Borrower Loan Agreement (the “Borrower Note”). The Borrower has agreed, pursuant to a Regulatory Agreement anticipated to be dated as of a date in either June or July of 2026, by and between the Governmental Lender, the Borrower, and the Fiscal Agent (the “Regulatory Agreement”), to operate the Project as a “residential rental project” under Section 142(d) of the Internal Revenue Code of 1986, as amended. 3. The Borrower will execute a Mortgage, Assignment of Rents and Leases, Security Agreement and Fixture Filing (the “Mortgage”) for the benefit of the Governmental Lender to secure the Note, which will then be assigned by the Governmental Lender to the Fiscal Agent pursuant to an Assignment of Mortgage and Funding Loan Documents (the “Assignment”). 4. The Borrower and related parties will provide other collateral and guaranties to secure the Borrower Note. 5. Forms of the following documents have been submitted to the City Council: (a) Funding Loan Agreement; (b) Borrower Loan Agreement; (c) Regulatory Agreement; (d) Note (as an exhibit to the Funding Loan Agreement); (e) Assignment; and (f) Mortgage. The documents listed in (a) through (e) are hereafter referred to as the “Note Documents.” 6. It is hereby found, determined, and declared that: