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October 13, 2020 Page 3 of 6 <br />Motion by Councilmember Jacobsen, seconded by Councilmember Fynewever to approve the <br />Consent Agenda as presented. <br /> <br />Councilmember Jacobsen thanked all who would be serving as an election judge for the upcoming general <br />election. <br /> <br />A roll call vote was taken. <br /> <br />5 Ayes, 0 Nays - Motion Carried <br /> <br />Public Hearing <br />1. Consider a Resolution: <br />A. Authorizing the Issuance, Sale and Delivery of its Multifamily Housing <br />Revenue Note (Oaks Landing Project) Series 2020A; <br />B. Approving the Form of and Authorizing the Execution and Delivery of the <br />Note and Related Documents; <br />C. Providing for the Security, Rights, and Remedies with Respect to the Note; <br />D. Granting Approval for Certain Other Actions with Respect Thereto. <br /> <br />Motion by Councilmember Jacobsen, seconded by Councilmember Dunsworth to adopt a Resolution <br />Authorizing the Issuance, Sale and Delivery of its Multifamily Housing Revenue Note <br />(Oaks Landing Project) Series 2020A; Approving the Form of and Authorizing the <br />Execution and Delivery of the Note and Related Documents; Providing for the Security, <br />Rights, and Remedies with Respect to the Note; and Granting Approval for Certain <br />Other Actions with Respect Thereto. <br /> <br />City Manager Massopust discussed the City’s conduit debt policy and indicated Jenny Bolton with Kennedy <br />& Graven would be presenting this item to the Council. <br />Jenny Bolton, Kennedy & Graven, stated in accordance with the provisions of Minnesota State <br />Statues, the City is authorized to develop and administer a housing program to provide for the <br />financing of new construction or the acquisition and rehabilitation of an existing building and <br />site for providing a multifamily housing development. Furthermore, State Statutes also <br />provides that such programs for multifamily housing developments may be financed by <br />revenue bonds or obligations issued by the City. There is no obligation on part of the City <br />regarding the requested conduit debt revenue bonds. Per the City’s Conduit Debt Financing <br />Policy, the City collected a nonrefundable $2,500 processing fee. In addition, all costs <br />associated with the issuance of the bonds (legal and fiscal consultants) will be reimbursed to <br />the City. The policy also states that an administrative fee of .25% of the principal of the bonds <br />will be collected upon issuance along with an annual maintenance fee of .10% of the <br />outstanding principal until the bonds have been defeased. As previously recommended, New <br />Brighton LHA II, LLLP has agreed to pay the present value of the City’s ongoing maintenance <br />fee as a lump sum payment upon the issue of the Bonds rather than making annual installments <br />over the life of the Bonds. Thus reducing the risk of the bonds being refinanced by another <br />local municipality and losing future revenue. The amount collected will represent the present <br />value of the policy calculation out to the final term of the bond or 1% of the principal at the <br />time of issuance. It was noted this bond issuance was for the Dominium project and the City <br />would not be responsible for the debt payments. <br />Councilmember Jacobsen asked if developer could come back and ask for additional bonding. <br />Mr. Bolton reported the plan was to not issue any additional bonds. She commented further on <br />how the Dominium project was funded which included tax exempt bonds and TIF. <br />Councilmember Allen requested further information how these bonds would be administered <br />by the City. Ms. Bolton reported the City would receive an issuance or service fee for these <br />Appointing Election <br />Judges for the <br />November 3, 2020 <br />Election. <br /> <br />9. Res. accepting $500 <br />Ramsey County SHIP <br />grant for City Hall <br />Observation Garden. <br /> <br />10. Consider Approval <br />of Technical Services <br />Agr. with NSAC. <br /> <br /> <br /> <br />Public Hearing <br />1. Consider a Res: <br />A. Authorizing the <br />Issuance, Sale and <br />Delivery of its <br />Multifamily Housing <br />Revenue Note (Oaks <br />Landing Project) <br />Series 2020A; <br />B. Approving the <br />Form of and <br />Authorizing the <br />Execution and <br />Delivery of the Note <br />and Related <br />Documents; <br />C. Providing for the <br />Security, Rights, and <br />Remedies with <br />Respect to the Note; <br />D. Granting Approval <br />for Certain Other <br />Actions with Respect <br />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 />