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Item No: 8.A. Meeting Date: June 8, 2026 Type of Business: Council Business Administrator Review: ____ City of Mounds View Staff Report To: Honorable Mayor and City Council From: Nyle Zikmund, City Administrator Item Title/Subject: Resolution 10257 Authorizing the Issuance, Sale, and Delivery of its Multifamily Housing Revenue Obligations Relating to the Silver Lake Pointe Apartments Project; Approving the Forms of and Authorizing the Execution and Delivery of the Obligations and Related Documents; Providing for the Security, Rights, and Remedies with Respect to the Obligations; and Granting Approval for Certain Other Actions with Respect Thereto Introduction: The City Council granted preliminary approval in resolution 10175 to use conduit debt financing to finance the acquisition, renovation, and equipping of an approximately 83-unit senior rental housing facility known as Silver Lake Pointe and located at 2701 County Road I in Mounds View, Minnesota; to fund one or more reserve funds to secure the timely payment of the Bonds, if necessary; to pay interest on the Bonds during the rehabilitation of the Project, if necessary; and to pay certain costs of issuing the Bonds. The preliminary revenue bond amount is $7,000,000 and the City received state allocation to issue $7,000,000. The City will receive a 1% issuance fee for the use of the City’s lending authority. The revenue bonds will not constitute a general or moral obligation of the City and will not be secured by or payable from any property or assets of the City and will not be secured by any taxing power of the City. Discussion: This step will commit the City to issuing conduit debt in the listed amount and constitutes final approval. The sale of bonds is scheduled to occur by the end of September. The City is allowed to issue conduit bonds under IRS regulations due to our nexus to the project. (trade area) The project is responsible for all costs of issuance and the City has no obligation for the debt issued. The City is represented by Jenny Bolton as bond council from Kutak Rock. Recommendation: Staff recommends that Council review the information, ask questions and, if comfortable, approve Resolution 10257.