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Giving host approval to the issuance by the City of Mounds View of conduit Multifamily Housing Revenue Bonds on behalf of Vitas, approving a Joint Powers Agreement and Bond Compliance and Fee Agreement and authorizing the execution of documents relating thereto, all for the Sherman Forbes Project, at 310 7th Street West (District 9, Ward 2).
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RECITALS
(a) Minnesota Statutes, Chapter 462C (the “Act”) confers upon cities the power to issue revenue bonds to finance or refinance a program for the purposes of planning, administering, making or purchasing loans with respect to one or more multifamily housing developments within the boundaries of the city or under a joint powers agreement with the jurisdiction in which the development is located and pursuant to Minnesota Statutes, Section 471.59, as amended. By the terms of a joint powers agreement entered into through action of their governing bodies, two cities may jointly or cooperatively exercise any power common to the contracting parties or any similar powers, including those which are the same except for the territorial limits within which they may be exercised; and
(b) Sherman Forbes Housing Partners, LP, a Minnesota limited partnership (or another entity to be formed by or affiliated with Vitus Development IV, LLC, the “Borrower”), proposes to finance the acquisition, renovation, construction and equipping of an existing 104-unit apartment community comprised of six 3-story apartment buildings, related amenities and surface parking all located at 310 7th Street West in Saint Paul, Minnesota (“Saint Paul”) (the “Project”); and
(c) The Borrower will be the owner and operator of the Project; and
(d) In order to proceed with the Project in the next calendar year, the Borrower has proposed that the City of Mounds View, Minnesota (“Mounds View”) undertake a housing finance program (the “Housing Program”) to finance the Projec...
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