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02 -09 -1996 10:45 612 339 5897 BEST &FLANAOAN P.02 <br />purchased by any investor who, because of financial conditions, investment policies, or <br />otherwise, does not desire to assume or does not have the ability to bear risks inherent <br />in an investment in the Bonds. <br />THE ISSUER <br />The Issuer is a municipal corporation and political subdivision organized and <br />existing under and pursuant to the Constitution and laws of the State of Minnesota. The <br />Issuer has the authority to issue the Bonds under the State Housing Act. <br />THE PARTNERSHIP <br />The Partnership is Little Canada Leased Housing Associates, L.L.P., a Minnesota <br />limited liability partnership formed in June, 1995 for the sole purpose of acquiring, <br />owning and operating the Project. The general partners of the Partnership are Jack <br />Safer (35 %), David Brierton (35 %), Armand Brahman (15 %) and Paul Sween (15%). <br />Mr. Brlerton and Mr. Safer are the principal owners of The Dominium Group, <br />Incorporated, a real estate development Turn w7iiOlha( been iieve`toping multi- "fauiiiy <br />rental housing since 1972, and has, together with its related companies and partnerships, <br />developed over 6,000 units and currently awns and manages over 9,000 units. Mr. <br />Brierton and Mr. Safer are also the principal owners of Dominium Management <br />Services, Inc., which will act as the Managing Agent for the Project. <br />The Partnership does not intend to acquire any substantial assets or engage in any <br />substantial business activities other than those related to the acquisition, rehabilitation <br />and ownership of the Project. However, the partners may engage in other real - estate <br />related investment activities, either individually or through affiliates. <br />The obligation of the Partnersbip to repay the loan of Bond proceeds is payable <br />solely from the assets of the Partnership and, except as provided in the Guaranty, none <br />of the partners of the Partnership has any personal liability for such payments; provided <br />that such nonrecourse provisions shall not limit the lability of the Partnership for (i) the <br />three percent (3%) premium in the event of a Determination of Taxability arising other <br />than as a result of a change of federal or state law; (ii) fraudulent or intentional acts; <br />and (iii) environmental indemnifications. <br />Page 13 <br />