Title
Approving the issuance by the City of Coon Rapids of conduit Multifamily Housing Revenue Bonds on behalf of Mississippi View Housing Partners, LP using, in part, recycled bonding authority from the Fairview & University Project, Fairview Avenue & University Avenue (District 11, Ward 4).
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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) Mississippi View Housing Partners, LP, a Minnesota limited partnership, (or an affiliated entity, the “Borrower”), desires to finance the acquisition, rehabilitation, and construction of the Mississippi View Apartments, an existing approximately 96-unit rental housing facility consisting of two 3-story buildings located at 11010 Mississippi Blvd NW in the City of Coon Rapids (the “Project”); and
(c) The Borrower will be the initial owner and operator of the Project; and
(d) In order to better leverage public funding by recycling bonding authority as permitted by Section 146(i)(6) of the Internal Revenue Code of 1986, as amended (the “Code”), the Borrower has proposed that the City of Coon Rapids, Minnesota (the “Issuer”) undertake a housing finance program (the “Housing Program”) to finance the Project pursuant...
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