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I <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />I I <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />City Council Regular Meeting Minutes <br />June 26, 2012 <br />Page 6 <br />VI. <br />C. Resolution 12-068; Authorizing the Remarketing of Variable Rate Demand Multifamily <br />Housing Revenue Refunding Bonds (The Landings at Silver Lake Village Project), Series <br />2007 and Authori z ing the Execution of Documents. Stacie Kvilvang, Ehlers & <br />Associates, presenting. <br />Ms. Kvilvang explained that the State issues multifamily housing revenue bonds that can only be <br />accessed through the City acting as a conduit. She stated in 2004, Dominium requested the City <br />act as a conduit on their behalf when it built The Landings and due to the tax exempt status of <br />those bonds, the developer is responsible for making sure they are following the tax exempt <br />guidelines for those bonds. She advised the developer is refinancing these bonds and intends to <br />take a $31.1 million HUD mortgage and the balance of $6.4 million will be remarketed. She <br />stated in reviewing the pro forma , the Conduit Bonds w ill be interest only and there is more than <br />adequate cash flow to cover the payments. She indicated the City is required to enter into an <br />Indenture of Trust with US Bank, as well as a Loan Agreement and Remarketing Circular and <br />the City will incur no fees as a result of the remarketing. She introduced Mr. Mark Morehouse <br />from Dominium and Mr. David Doran from Dougherty & Company, LLC. <br />Motion by Councilmember Roth, seconded by Councilmember Gray, to approve Resolution 12- <br />068; Authorizing the Remarketing of Variable Rate Demand Multifamily Housing Revenue <br />Refunding Bonds (The Landings at Silver Lake Village Project), Series 2007 and Authorizing <br />the Exec ution of Documents. <br />Motion carried unanimously. <br />REPORTS FROM CITY MANAGER AND COUNCIL MEMBERS. <br />City Manager Casey -No report. <br />Council member Jenson reported on his attendance at the June 2 I -22 ,. 20 I 2, League of Minnesota <br />Cities annual conference in Duluth. <br />Councilmember Roth reported on his attendance at the June 21-22 , 2012, League of Minnesota <br />Cities annual conference. <br />Councilmember Stille reported on his attendance at the June 21-22 , 2012 , League of Minnesota <br />Cities annual conference. <br />Councilmember Gray -No report. <br />Mayor Faust reported on his attendance at the June 21-22, 2012, League of Minnesota Cities <br />annual conference. He stated the City was recognized as a Greenstep City at the annual <br />conference and noted there are only 46 cities currently participating in the Greenstep program. <br />He indicated that the City achieved Level 3 status and the only other cities that have reached <br />Level 3 status are Eagan, Edina, and Falcon Heights. He thanked City staff for their efforts in