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07-25-2022 CC
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07-25-2022 CC
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MV City Council
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7/11/2022
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MOU--N-DS VIEW <br />Item No: 8.C. <br />Meeting Date: July 25, 2022 <br />Type of Business: Council Business <br />Administrator Review: <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 9617 Relating to the Issuance of Conduit Revenue Bonds <br />to Finance the Costs of a Multifamily Rental Housing Facility and <br />Under Minnesota Statutes, Chapter 462C, as Amended; Granting <br />Preliminary Approval Thereto; Calling for a Public Hearing; <br />Establishing Compliance with Certain Reimbursement Regulations <br />Under the Internal Revenue Code of 1986, as Amended; and Taking <br />Certain Other Actions with Respect Thereto (Plato Apartments at <br />Farwell Yards Project) <br />Introduction: <br />The City Council is asked to consider a proposal to use conduit debt financing to finance the acquisition, <br />construction and equipping of a 63 unit rental housing facility and related amenities located at 115 Plato <br />Boulevard West, Saint Paul, Minnesota. The preliminary revenue bond amount is $11,000,000 and the <br />City will receive a 1 % issuance fee for the use of the City's lending authority. The revenue bond will not <br />constitute a general or moral obligation of the City and will not be secured by or payable from any <br />property or assets of the City and will not be secured by any taxing power of the City. <br />Discussion: <br />There are a number of steps that will need to happen before the revenue bonds can be issued. The first <br />steps are for the City Council is to grant preliminary approval and for the project to receive approval from <br />the Minnesota Department of Employment and Economic Development (DEED). This later step will be <br />the challenge as there is a limited allocation available. Final approval would occur at a future Council <br />Meeting at a Public Hearing. <br />The City Council is not obligated to issue the revenue bond by this resolution this is just one of the steps <br />necessary to move toward that objective. If at any time during the review process, the City Council <br />determines that this is not in the City's best interest we can withdraw support for the bond issuance. The <br />City is represented by Jenny Bolton as bond council from Kennedy & Graven. <br />Recommendation: <br />Staff recommends that Council review the information, ask questions and if comfortable approve <br />Resolution 9617. <br />Respectfully submitted, <br />Mari weer <br />Mark Beer <br />Finance Director <br />
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