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RESOLUTION NO. 04-050 <br /> CITY OF ST. ANTHONY <br /> RESOLUTION GIVING PRELIMINARY APPROVAL <br /> TO THE ISSUANCE OF VARIABLE RATE DEMAND <br /> MULTIFAMILY HOUSING REVENUE BONDS <br /> (SILVER LAKE ALLAGE PROJECT) PURSUANT TO <br /> MINNESOTA STATUTES, CHAPTERS 462A AND <br /> 462C; ON BEHALF OF ST. ANTHONY LEASED <br /> HOUSING ASSOCIATES I, LIMITED PARTNERSHIP <br /> BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota <br /> (the "City"), as follows: <br /> Section 1. Recitals <br /> 1.1 St. Anthony Leased Housing Associates I, Limited Partnership, a <br /> Minnesota limited partnership (the"Borrower"), has proposed that the City issue its <br /> Variable Rate Demand Multifamily Housing Revenue Bonds (Silver Lake Village <br /> Project) in one or more series (the "Bonds") and loan the proceeds to the Borrower. The <br /> proceeds of the Bonds would be used to finance a portion of the costs of the acquisition, <br /> construction and equipping of a 261-unit multifamily housing development (the <br /> "Development") located at the former Apache Plaza Mall site in the City. The Borrower <br /> has requested that the City consider the issuance of the Bonds, in a principal amount not <br /> to exceed $37,500,000, to assist in the financing of the Development. <br /> 1.2 The Borrower will request that LaSalle Bank, N.A. facilitate the financing <br /> of the Development and the issuance of the Bonds by providing credit enhancement and <br /> liquidity support for the Bonds pursuant to a credit facility. <br /> 1.3 The City is authorized by Minnesota Statutes, Chapter 462C (the "Act"), <br /> to issue its revenue bonds (the"Bonds")to finance multifamily housing developments <br /> such as the Development. Minnesota Statutes, Section 462C.07 provides that programs <br /> for such multifamily housing developments may be financed with revenue bonds issued <br /> by the City, following adoption of a housing program, after a public hearing, and other <br /> proceedings conducted in accordance with the requirements of the Act. <br /> s <br />