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M0VN-DitSVVWW <br />City of Mounds View Staff Report <br />Item No: 5.G. <br />Meeting Date: January 24, 2022 <br />Type of Business: Council Consent <br />Administrator Review: <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 9540 Supplemental Resolution Relating to the Issuance <br />of Conduit Revenue Bonds to Finance the Costs of a Multifamily <br />Housing Development Under Minnesota Statutes, Chapter 462C; <br />Granting Preliminary Approval Thereto; Establishing Compliance <br />with Certain Reimbursement Regulations Under the Internal <br />Revenue Code of 1986, as Amended; and Taking Certain Other <br />Actions with Respect Thereto (Villas of Mounds View FKA Skyline <br />Apartments Project) <br />Introduction: <br />The City previously has given preliminary approval to issue $14,500,000 Conduit Revenue Bonds for the <br />construction of the Villas of Mounds View/Skyline Apartments Project by MWF. There may be additional <br />bonding authority available as the allocation from the state was not fully subscribed. MWF is asking the <br />Council to consider increasing the preliminary approval amount to $16,000,000 in the advent that the <br />unsubscribed bonding authority becomes available. There are currently 2 applications pending so <br />nothing may be available but this will provide that opportunity if it arises. <br />Discussion: <br />The City Council is asked to consider a supplemental resolution to increase the preliminary approval to <br />issue conduit revenue bonds to $16,000,000. There is no financial obligation to the City, all costs related <br />to the supplemental resolution are being paid by the borrower. The City is represented by Kennedy & <br />Graven as bond council. <br />Recommendation: <br />Staff recommends approval of resolution 9540. <br />Respectfully submitted, <br />MPM geer <br />Mark Beer <br />Finance Director <br />