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