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Mounds View City Council June 26, 2023 Regular Meeting Page 11 1 Ayes — 4 Nays — 0 Motion carried. 2 3 D. Resolution 9772, a Resolution Relating to the Issuance of Conduit Revenue 4 Bonds to Finance the Costs of a Multifamily Rental Housing Facility and 5 Under Minnesota Statutes, Chapter 462C, as Amended; Granting Preliminary 6 Approval Thereto; Calling for a Public Hearing; Establishing Compliance 7 with Certain Reimbursement Regulations Under the Internal Revenue Code s of 1986, as Amended; and Taking Certain Other Actions with Respect Thereto 9 (Torre De San Miguel, Westminster Place and Vista Village Projects). 10 11 Finance Director Beer requested the Council adopt a Resolution that would approve the issuance 12 of conduit revenue bonds to finance the costs of a multifamily rental housing facility. He explained 13 the developer has requested to use the City's bonding authority. It was noted this housing project 14 would be constructed in 2024. This project would require $56 million in bonding and staff 15 reiterated that the City would not be responsible for the repayment of these bonds. 16 17 Council Member Gunn asked how the City earmarked the funds received from this type of bond 18 issuance. Finance Director Beer reported the City was able to earmark the dollars wherever there 19 was a need. 20 21 MOTION/SECOND: Lindstrom/Cermak. To Waive the Reading and Adopt Resolution 9772, a 22 Resolution Relating to the Issuance of Conduit Revenue Bonds to Finance the Costs of a 23 Multifamily Rental Housing Facility and Under Minnesota Statutes, Chapter 462C, as Amended; 24 Granting Preliminary Approval Thereto; Calling for a Public Hearing; Establishing Compliance 25 with Certain Reimbursement Regulations Under the Internal Revenue Code of 1986, as Amended; 26 and Taking Certain Other Actions with Respect Thereto (Torre De San Miguel, Westminster Place 27 and Vista Village Projects). 28 29 Ayes — 4 Nays — 0 Motion carried. 30 31 E. Public Hearing: First Reading and Introduction of Ordinance 999, Amending 32 Mounds View City Code Chapter 161 regarding Signs and Billboards (Tabled 33 May 22, 2023). 34 35 Community Development Director Sevald requested the Council introduce an Ordinance that 36 would amend City Code Chapter 161 regarding signs and billboards. He explained the proposed 37 sign ordinance amendment would clean up a number of items. He noted the current ordinance 38 allows up to 100 square feet for wall signs. He indicated the Planning Commission supported 39 increasing this to 200 square feet or 40% of the wall area. He stated the Council supported going 40 up to 200 square feet but then recommended the item be tabled. He explained the North Church in 41 Mounds View was stuck in the middle of the tabling process as they have removed their wall sign 42 and would now like to put up a new sign that was between 100 square feet and 200 square feet. He 43 stated the church was hoping to put up a sign before November of 2023. Staff requested the Council 44 hold the first reading of the Ordinance and take comments from the public. 45 46 Council Member Lindstrom asked how long the North Church has been looking for a sign.