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11�0) HORSEY 31 <br />o ; I <br />VI I <br />MEMORANDUM <br />TO: Mayor and Members of the City Council <br />Mark Casey, City Administrator <br />FROM: Jennifer Hanson <br />CC: Jerry Gilligan <br />Stacie Kvilvang <br />DATE: November 19, 2013 <br />RE: Proposed Multifamily Housing Revenue Bonds <br />The City has received a request from St. Anthony, Minnesota Leased Housing <br />Associates II, Limited Partnership, a Minnesota limited partnership (the "Borrower") that the City <br />issue revenue bonds (the 'Bonds') under Minnesota Statutes, Chapter 462C, the proceeds of <br />which will be loaned by the City to the Borrower and used to finance the acquisition, <br />construction and equipping of a senior low income housing tax credit multifamily rental housing <br />project to be located at 2500 38th Avenue NE in the City (the "Project'), as well as finance <br />certain costs of issuance of and a reserve fund for the Bonds. <br />The City has previously held a public hearing with respect to the Project; given its <br />preliminary approval by resolution adopted May 28, 2013 and cooperated with the Borrower on <br />submission of an application for volume cap authority in the amount of $16,950,000, which <br />application is expected to be considered November 25, 2013. <br />The debt service on the Bonds will be payable solely from payments to be made <br />by the Borrower. The City will not have any liability with respect to the Bonds. The Borrower <br />will pay all City expenses with respect to the Bonds. <br />Representatives of the Borrower will attend the November 26th City Council <br />meeting to respond to any questions concerning the proposed Bonds. To give final approval to <br />the proposed bond issue and documentation associated with the Bonds, the Council should <br />adopt the resolution approving the issuance of the Bonds and related documentation described <br />therein. <br />DORS! Y & WI-IRN13Y LIP <br />