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<br />Regular City Council Meeting <br />Monday, June 11,2007 <br />Page 11 <br /> <br />Councilmember Roe questioned the document referenced as the <br />"Multi-family Rental Housing Program of the City of Roseville, MN," <br />in Section 12 of the proposed resolution, and what it represented. <br /> <br />Ms. Bolton advised that it was a two-page document that outlined this <br />project and financing program, the number of units, range of rents, <br />and background and statutory references; and that it was specific to <br />this proj ect. <br /> <br />Public Comment <br /> <br />Al Sands, 2612 Aldine <br />Mr. Sands questioned the City's process in performing a financial re- <br />view of this type of project, citing recent St. Paul Port Authority ac- <br />tivities and lack of financial feasibility of some of the projects they'd <br />supported. <br /> <br />Mr. Miller advised that, since the financing was between the applicant <br />and another third party, the City didn't typically get involved in de- <br />termining iftheir pro formas were good or not. Mr. Miller opined that <br />this was not the role, or level of expertise required of the City, and <br />clarified that this type of bonding was conduit financing, and pre- <br />sented no legal entanglements or financial risk to the City. <br /> <br />Ms. Bolton concurred, and advised that the bonds related to the St. <br />Paul Port Authority was from a different type of program; and that <br />this bond issue had no city backing behind it, but was the sole obliga- <br />tion of the owner to pay the bonds, and if they were to default, secu- <br />rity was based on the mortgage on the facility, with the Trustee hold- <br />ing the mortgage interest in the buildings on behalf of the bond hold- <br />ers, with the Trustee doing the financial analysis and absolutely not <br />recourse to the City. <br /> <br />Mayor Klausing requested, and Ms. Bolton provided a brief review <br />and explanation of bond purchasers and conduit financing. <br /> <br />Mayor Klausing closed the Public Hearing at 7:40 p.rn. <br /> <br />Roe moved, Pust seconded, adoption of Resolution No. 10513 enti- <br />tled, "Resolution Approving a Housing Program, Authorizing the Is- <br />suance and Sale of $12,500,000 Multi-Family Housing Revenue <br />