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Giving host approval to the issuance by the City of Mounds View of conduit Multifamily Housing Revenue Bonds for a project, approving a Joint Powers Agreement and Bond Compliance and Fee Agreement and authorizing the execution of documents relating thereto, all for the Sibley Park/Sibley Court Project, at 211 7th Street East and 484 Temperance Street (District 17, 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) Orbach Affordable Housing Solutions LLC, a Delaware limited liability company (or another entity to be formed by or affiliated with Orbach Affordable Housing Solutions LLC, the “Borrower”), proposes to finance (i) the acquisition, renovation, construction and equipping of an existing approximately 114-unit rental housing facility and related amenities known as Sibley Park and located at 211 7th Street East in Saint Paul, Minnesota; (ii) the acquisition, renovation, construction and equipping of an existing approximately 122-unit rental housing facility and related amenities known as Sibley Court and located at 484 Temperance Street in Saint Paul (collectively, the “Project”); and
(c) The Borrower will be the owner and operator of the...
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