Title
Resolution approving the issuance by the City of Coon Rapids of conduit Multifamily Housing Revenue Bonds on behalf of Coon Rapids AH I, LLLP using, in part, recycled bonding authority from the Pioneer Press Building Project, 345 Cedar Street, District 17, Ward 2
Body
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) Coon Rapids AH I, LLLP, a Minnesota limited liability limited partnership (or an entity formed by or affiliated with Real Estate Equities, Inc., the “Borrower”), desires to finance the acquisition, construction, and equipping of an approximately 168 unit rental housing facility and related amenities to be located in the southwest quadrant of the intersection of Highway 47 and Highway 610 off of Springbrook Drive at 94th Avenue 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 to the Act through th...
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