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I <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />II <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 />May 28, 2013 <br />Page 2 <br />IV. <br />A. Consider May 14.2013, Council meeting minutes; <br />8. Consider licenses and permits; <br />C. Consider payment of claims: <br />D. Resolution 13-041; Approving the Memorandum of Understanding with the St. Anthony- <br />New Brighton Schoo l District #2 82 for the 2013 General Election: and <br />E. Resolution 13-042; Accepting a Community Partnership Grant from CenterPoint Energy <br />for the St. Anthony Fire Department. <br />Motion by Councilmember Jenson , seconded by Councilmember Gray, to approve the Consent <br />Agenda items. <br />Motion carried unanimously. <br />PUBLIC HEARING <br />A. Resolution 13-043: Giving Preliminary Approval to the Iss uance of Multifamily Housing <br />Revenue Bond Pursuant to Minnesota Statutes. Chapters 462A and 462C, on Behalf of <br />St. Anthony Leased Housing Associates 1/, Limited Partnership. Stacie K vilvang, Ehlers <br />& Associates is presenting. <br />Mayor Faust opened the public hearing at 7:06 p.m. <br />Ms. Stacie Kvilvang , Ehlers & Associates, reviewed the City ha s received a request from St. <br />Anthony Leased Housing Associates 1/ Limited Partnership (the "Borrower") that the City issue <br />revenue bonds under Minnesota Statutes, Chapter 462C. The proceeds will be loaned by the <br />City to Borrower and used to finance a senior rental housing development containing <br />approximately 170 units as part of the Silver Lake Village Redevelopment. The Borrower is a <br />single purpose entity limited partnership formed by Dominium Development in connection with <br />the proposed development. <br />The bonds are proposed to be issued in one or more series in the aggregate principal amount of <br />up to $18 ,750 ,000. The debt service on the bonds will be payable so lely from payments to be <br />made by the Borrower and the City will have no liability with respect to payment on the bonds . <br />The City will have limited li ability with respect to how the proceeds are spent, timing of <br />expenditures and arbitrage calculations and reporting. Since arbitrage calculations were not <br />completed by the borrower on their prior conduit bonds for another project. Ehlers was required <br />to complete them for audit purposes. We recommend that the City require that the Borrower <br />retain the City's financial advisory firm to complete the arbitrage calculations for the bonds as <br />needed to assure they are completed and to les se n any liability for the City with regards to the <br />bonds, if they are ever audited by the IRS . <br />The Borrower will pay all City expenses with respect to the bonds (legal and financial advisor), <br />and upon issuance of the bonds will pay the City a fee equal to 1% of the principal amount of the <br />bonds in accordance with the City's policy for issuance of revenue bonds. Based upon the <br />proposed amount, this fee would be approximately $187,500. These funds would be unrestricted