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Mounds View City Council April 25, 2022 <br />Regular Meeting Page 5 <br />1 B. Public Hearing: Second Reading and Adoption, Ordinance 990 Amendment <br />2 City Code 119.024 related to the Issuance of a Rental License. ROLL CALL <br />3 VOTE <br />4 <br />5 Community Development Director Sevald requested the council adopt an Ordinance that would <br />5 amend City Code 119.024 related to the issuance of a rental license. He stated staff recently <br />7 discovered a mistake that was made in 2018 and this amendment would correct this mistake. Staff <br />8 commented further on the proposed language change and recommended approval of the <br />9 Ordinance. <br />10 <br />11 Mayor Mueller opened the public hearing at 7:37 p.m. <br />12 <br />13 Hearing no public input, Mayor Mueller closed the public hearing at 7:37 p.m. <br />14 <br />I5 MOTION/SECOND: Meehlhause/Hull. To Waive the Second Reading and Adopt Ordinance 990 <br />15 Amendment City Code 119.024 related to the Issuance of a Rental License. <br />17 <br />18 A roll call vote was taken. <br />19 <br />20 Ayes — 5 Nays — 0 Motion carried. <br />21 <br />22 C. Public Hearing: Resolution 9575, Adopting a Housing Finance Program for a <br />23 Multifamily Rental Housing Development, Approving the Project and the <br />24 Program and Authorizing the Issuance of Conduit Multifamily Housing <br />25 Revenue Obligation and the Execution of Related Documents (Villas of <br />26 Mounds View Project). <br />27 <br />28 Finance Director Beer requested the Council adopt a Housing Finance Program for a multifamily <br />29 rental housing development, approving the project and the program and authorizing the issuance <br />30 of conduit multifamily housing revenue obligation and the execution of related documents for the <br />31 Villas of Mounds View Project. He discussed the history of this project and noted $14.5 million <br />32 would be issued in bonds. Staff commented on the proposed Housing Financing Program and it <br />33 was noted the City would receive a 1 % fee for the bond issuance. <br />34 <br />35 City Attorney Riggs reported he has been working the last few days to get all of the closing <br />36 documents together. He anticipated the closing would be going forward mid -May. <br />37 <br />38 Jenny Bolton, Kennedy & Graven, commented on the conduit bonds that would be issued for this <br />39 project and noted the property closing would occur prior to the bond closing. She indicated this <br />40 was the Council's last approval for the bond issuance and recommended the City Council hold a <br />41 public hearing, prior to adopting the Resolution. <br />42 <br />43 Mayor Mueller opened the public hearing at 7:44 p.m. <br />44 <br />45 Hearing no public input, Mayor Mueller closed the public hearing at 7:44 p.m. <br />46 <br />