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39 <br /> MEMORANDUM <br /> TO: Mayor and Members of the City Council <br /> Michael Mornson, City Manager <br /> FROM: Jerome.P. Gilligan <br /> DATE: June 16, 2004 <br /> RE: Proposed Revenue Bonds for Silver Lake Village <br /> The City has received a request from St. Anthony Leased Housing Associates I, <br /> Limited Partnership (the "Partnership")that the City issue tax-exempt revenue bonds under <br /> Minnesota Statutes, Chapter 462C, to finance a portion of the costs of the acquisition, <br /> construction and equipping of a 261-unit multifamily housing development(the"Development") <br /> located at the former Apache Plaza Mall site in the City. <br /> The bonds are proposed to be issued in a principal amount not to exceed <br /> $37,500,000, and will bear interest at a variable rate. The Bonds will be secured by credit <br /> enhancement provided by a bank or other financial institution, and based on such credit <br /> enhancement will be rated by a national rating service. The Partnership is requesting that the <br /> City Council adopt a resolution preliminarily approving the issuance of the bonds at its meeting <br /> on June 22°d. <br /> The debt service on the bonds will be payable solely from payments to be made <br /> by the credit enhancer and the Partnership. The City will not have any liability with respect to <br /> the bonds. The Partnership will pay all City expenses with respect to the bonds. <br /> DORSEY & WHITNEY LLP <br />