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June 25, 2019 Page 3 of 4 <br />Councilmember Burg thanked the Lions Club for their generous donation to the City. She thanked the Lions <br />Club for their continued support of the community. <br />Councilmember Jacobsen explained the Stockyard Days parade would be moving to Saturday, August 3rd. <br /> <br />4 Ayes, 0 Nays - Motion Carried <br /> <br />Public Hearing <br /> <br />1. Consider Resolution Authorizing the Issuance, Sale and Delivery of its <br />Multifamily Housing Revenue Note Series 2019A; Approving the form of and <br />Authorizing the Execution and Delivery of the Note and Related Documents; <br />Approving a Housing Program; Providing for the Security, Rights, and <br />Remedies with Respect to the Note; and Granting Approval for Certain Other <br />Actions with Respect Thereto. <br /> <br />Motion by Councilmember Allen, seconded by Councilmember Jacobsen to approve and adopt a <br />Resolution authorizing the issuance, Sale, and Delivery of its Multifamily Housing Revenue Note (Old <br />Highway 8 Family Housing Project), Series 2019A; Approving the Form of and Authorizing the <br />Execution and Delivery of the Note and Related Documents; Approving a Housing Program <br />Pursuant to Minnesota Statutes, Chapter 462C; Providing for the Security, Rights, and Remedies <br />with Respect to the Note; and Granting Approval for Certain Other Actions with Respect Thereto. <br /> <br />City Manager Lotter indicated Finance Director Davitt would be presenting this item to the Council. <br />Finance Director Davitt stated in accordance with the provisions of Minnesota State Statues, the City is <br />authorized to develop and administer a housing program to provide for the financing of new construction or <br />the acquisition and rehabilitation of an existing building and site for providing a multifamily housing <br />development. Furthermore, State Statutes also provides that such programs for multifamily housing <br />developments may be financed by revenue bonds or obligations issued by the City. <br />Jenny Bolton, Kennedy & Graven, discussed the proposed Resolution further noting it would authorize the <br />issuance of conduit revenue bonds for the workforce housing project within Midtown Village. The conduit <br />revenue bonds would allow the developer to have access to tax exempt financing. She noted the City was not <br />obligated in any way to make payments on the bonds, but would be solely paid by the developer. <br /> <br />Motion by Councilmember Burg, seconded by Councilmember Jacobsen to open the <br />Public Hearing. <br /> <br />4 Ayes, 0 Nays - Motion Carried <br /> <br />The Public Hearing was opened at 7:23 p.m. <br /> <br />Councilmember Allen provided further comment on the benefits of the City using conduit bond financing. <br />Councilmember Burg questioned the term of the low-income housing rental rates. Ms. Bolton reported these <br />rental rates would be in place for at least 15 years. <br />Councilmember Burg commented rents in the City were quite high and she was pleased with the fact New <br />Brighton residents would have a new option for housing. <br /> <br />Mayor Johnson asked for additional comments, there were none. <br /> <br />Motion by Councilmember Burg, seconded by Councilmember Jacobsen to close the <br />Public Hearing. <br /> <br />4 Ayes, 0 Nays - Motion Carried <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Public Hearing <br />1 Consider Resolution <br />Authorizing the <br />Issuance, Sale and <br />Delivery of its <br />Multifamily Housing <br />Revenue Note Series <br />2019A; Approving the <br />form of and <br />Authorizing the <br />Execution and <br />Delivery of the Note <br />and Related <br />Documents; <br />Approving a Housing <br />Program; Providing <br />for the Security, <br />Rights, and Remedies <br />with Respect to the <br />Note; and Granting <br />Approval for Certain <br />Other Actions with <br />Respect Thereto. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />