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B-1 EXHIBIT B FORM OF INVESTOR LETTER [Date] City of Little Canada 515 Lake Canada Road East Little Canada, Minnesota 55117 Re: CITY OF LITTLE CANADA, MINNESOTA MULTIFAMILY HOUSING REVENUE NOTE (LITTLE CANADA SENIOR HOUSING APARTMENTS PROJECT), SERIES 2026 The undersigned, as holder (the “Noteowner”) of the above-referenced Governmental Note issued pursuant to the Funding Loan Agreement dated as of June 1, 2026 (the “Funding Loan Agreement”) between the City of Little Canada, Minnesota (the “Governmental Lender”) Allianz Life Insurance Company of North America, as Funding Lender (the “Funding Lender”) and U.S. Bank Trust Company, National Association, as Fiscal Agent, hereby represents that: 1. The Noteowner acknowledges that to its knowledge it has either been supplied with or been given access to information, including financial statements and other financial information, to which a reasonable investor would attach significance in making investment decisions, and the Noteowner has had the opportunity to ask questions and receive answers from knowledgeable individuals concerning the Borrower, the Project Facilities and the Governmental Note and the security therefor so that, as a reasonable investor, the Noteowner has been able to make its decision to make the Funding Loan to the Governmental Lender. 2. The Noteowner has made its own inquiry and analysis with respect to the Governmental Note and the security therefor, and other material factors affecting the security and payment of the Governmental Note. The Noteowner is aware that the business of the Borrower involves certain economic variables and risks that could adversely affect the security for the Governmental Note. 3. The Noteowner is an Approved Transferee. 4. Any disposition by the Noteowner at this time of all or any part of the Governmental Note shall be only to an institution or entity that is an Approved Transferee or that Noteowner reasonably believes is an Approved Transferee (or otherwise in accordance with the terms of of this letter); provided, however, the Noteowner reserves the right to deposit such Governmental Note into a trust or custodial arrangement in which all of the beneficial ownership interests would be owned by one or more other Approved Transferees; it being understood and agreed that, under such circumstances, each such beneficial owner, in connection with its acquisition of an interest in such arrangement, would be required to represent to the relevant Noteowner or custodian that it was acquiring such interest for its own account and for investment purposes, and not with a present view to or for resale. 5. The Noteowner understands that (a) the Governmental Note is not secured by any pledge of any moneys received or to be received from taxation by the State of Minnesota or any political subdivision thereof and that the Governmental Lender has no taxing power, (b) the Governmental Note does not and will not represent or constitute a general obligation or a pledge of the faith and credit of the