Laserfiche WebLink
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 3'1. <br /> 4 Ayes,0 Nays-Motion Carried <br /> Public Hearing Public Hearing <br /> 1 Consider Resolution <br /> Authorizing the <br /> 1. Consider Resolution Authorizing the Issuance, Sale and Delivery of its Issuance,Sale and <br /> Multifamily Housing Revenue Note Series 2019A; Approving the form of and Delivery of its <br /> Authorizingng <br /> the Execution and Deliveryof the Note and Related Documents; Revee Multifamily Note SHoeries <br /> Revenue Series <br /> Approving a Housing Program; Providing for the Security, Rights, and 2019A;Approving the <br /> Remedies with Respect to the Note; and Granting Approval for Certain Other form of and <br /> Actions with Respect Thereto. Aoing the <br /> Execution and <br /> Delivery of the Note <br /> Motion by Councilmember Allen,seconded by Councilmember Jacobsen to approve and adopt a and Related <br /> Documents;Resolution authorizing the issuance,Sale,and Delivery of its Multifamily Housing Revenue Note(Old Approving a Housing <br /> Highway 8 Family Housing Project),Series 2019A;Approving the Form of and Authorizing the Program;Providing <br /> Execution and Delivery of the Note and Related Documents;Approving a Housing Program for the Security, <br /> Pursuant to Minnesota Statutes,Chapter 462C;Providing for the Security,Rights,and Remedies Rights,and Remedies <br /> with Respect to the <br /> with Respect to the Note;and Granting Approval for Certain Other Actions with Respect Thereto. Note;and Granting <br /> Approval for Certain <br /> CityManager Lotter indicated Finance Director Davitt would be presentingthis item to the Council. other Actions with <br /> g Respect Thereto. <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 /> Motion by Councilmember Burg, seconded by Councilmember Jacobsen to open the <br /> Public Hearing. <br /> 4 Ayes,0 Nays-Motion Carried <br /> The Public Hearing was opened at 7:23 p.m. <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 /> Mayor Johnson asked for additional comments, there were none. <br /> Motion by Councilmember Burg, seconded by Councilmember Jacobsen to close the <br /> Public Hearing. <br /> 4 Ayes,0 Nays-Motion Carried <br />