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1U <br />MOUNDS1VIEW <br />City of Mounds View Staff Report <br />Item No: 8.C. <br />Meeting Date: April 25, 2022 <br />Type of Business: Council Business <br />Administrator Review: <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Public Hearing to Consider Resolution 9575 Adopting a Housing <br />Finance Program for a Multifamily Rental Housing Development, <br />Approving the Project and the Program and Authorizing the Issuance <br />of Conduit Multifamily Housing Revenue Obligations and the <br />Execution of Related Documents (Villas of Mounds View Project) <br />Introduction: <br />The City previously has given preliminary approval to issue up to $16,000,000 Conduit Revenue Bonds <br />for the construction of the Villas of Mounds View/Skyline Apartments Project by MWF. The project has <br />received bonding authority for $14,500,000 from the State. <br />Discussion: <br />The City Council is asked to consider adoption of a Housing Finance Program consistent with federal <br />requirements, approving the Villas of Mounds View project and program, and giving final approval for the <br />issuance of $14,500,000 conduit multifamily housing revenue bonds. The City is not obligated to repay <br />the conduit bonds. The borrower (MWF) will be responsible for all costs associated with this financing <br />and other costs related to the development project including a 1 % issuance fee to the City. The City is <br />represented by Kennedy & Graven as bond council and development council. <br />Recommendation: <br />Staff recommends approval of resolution 9575. <br />Respectfully submitted, <br />Ma r�z geer <br />Mark Beer <br />Finance Director <br />