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CITY OF LITTLE CANADA <br />NOTICE OF PUBLIC HEARING ON A <br />PROPOSAL FOR A HOUSING FINANCE PROGRAM AND <br />THE ISSUANCE OF REVENUE BONDS TO FINANCE <br />A MULTIFAMILY HOUSING DEVELOPMENT <br />(HOUSING ALTERNATIVES PROJECT) <br />TO WHOM IT MAY CONCERN: <br />Notice is hereby given that the City Council of the City of <br />Little Canada, Minnesota, will meet in the City Council Chambers <br />at the Little Canada City Hall, 515 Little Canada Road, in the <br />City of Little Canada, Minnesota, at 6 :30 p. y <br />December 2, 1997, to consider the housing finance program of the <br />City and the proposal of Housing Alternatives Development Company <br />(the "Developer ") that the City undertake a housing finance <br />program to finance the Project hereinafter <br />issuance of fer,rpursuaant to <br />Minnesota Statutes, Chap by <br />obligations. <br />Description of the Project: <br />The project consists of the acquisition and rehabilitation <br />of a multifamily rental housing development known as Montreal <br />Courts of approximately 444 rental units all designed for persons <br />of low and moderate income located at 396 Lahore Road <br />(Centerville and Lahore) in the City which will result in the <br />preservation of rental housing facilities for persons of low and <br />moderate income within the community. The Project will be owned <br />and operated by the Developer. <br />The maximum aggregate estimated principal amount of bonds or <br />other obligations to be issued t bfin Oce the he0Project pursuant to <br />the housing finance program <br />Subsequent to approval of the housing finance program, the <br />City may issue revenue bonds to finance the housing finance <br />program. Said bonds or other obligations, as and when issued, <br />will not constitute a charge, lien or encumbrance upon any <br />property of the City, or its housing and redevelopment authority, <br />except the Project and the revenues to be derived from the <br />Project. Such bonds or obligations will not be a charge against <br />the City's general credit or taxing powers but are payable <br />sums to be paid by the Developer pursuant to a revenue agreement. <br />Further information concerning the housing finance program <br />and the Project may be obtained from the City Administrator <br />during normal business hours. <br />Page 9 <br />