WHEREAS, the Hennepin County Housing and Redevelopment Authority (the “Issuer” or “HCHRA”) is a housing and redevelopment authority and a public body corporate and politic duly organized and existing under the Constitution and laws of the State of Minnesota; and

WHEREAS, pursuant to Minnesota Statutes, Chapter 462C, as amended (the “Housing Act”), the Issuer is authorized to carry out the public purposes described in the Housing Act by issuing revenue bonds or other obligations to finance or refinance multifamily housing developments, and as a condition to the issuance of such revenue bonds, adopt a housing program providing the information required by Section 462C.03, subdivision 1a of the Housing Act; and

WHEREAS, East Town Apartments Limited Partnership, a Minnesota limited partnership (the “Company”), submitted an application to the Issuer requesting the issuance of one or more series of multifamily housing revenue bonds or other obligations (the “Bonds”), in an aggregate principal amount not to exceed $20,000,000 under the provisions of the Housing Act to assist in the financing of the acquisition, construction, and equipping of an approximately 169-unit multifamily rental housing development to be located at 815 Sixth Street South in the City of Minneapolis (the “City”) for occupancy by persons and families of low-and¬-moderate income (the “Project”); and

WHEREAS, on December 13, 2016, the Board of Commissioners (the “Board”) of the HCHRA adopted Resolution 16-HCHRA-0049, under the terms of which the HCHRA, among other things, granted preliminary approval to the issuance of the Bonds under the terms of the Housing Act to finance the Project and authorized the preparation of a housing program with respect to the Project (the “Housing Program”) in accordance with the requirements of the Housing Act and authorized the submission of the Housing Program to the Metropolitan Council for its review and comment; and

WHEREAS, under Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), prior to the issuance of the Bonds a public hearing duly noticed must be held by the Board of the HCHRA. Under Section 462C.04, subdivision 2 of the Housing Act, a public hearing must be held on the Housing Program with respect to the Project after one publication of notice in a newspaper circulating generally in the county, at least 15 days before the hearing, which Housing Program must be submitted to the Metropolitan Council on or before the day on which notice of the public hearing is published.

History: Community Housing Development Corporation, on behalf of East Town Apartments Limited Partnership, a Minnesota limited partnership, submitted an application for housing revenue bond financing to assist in the construction of a multifamily residential rental project, “East Town Apartments” located at 815 6th Street South in the City of Minneapolis.

The development site is currently a surface parking lot owned by First Covenant Church. The site adjacent to the U.S. Bank Stadium and Hennepin County Medical Center. It is located approximately 0.25 miles from the U.S. Bank Stadium Light Rail Transit Stop.

East Town Apartments will provide 169 units of affordable workforce housing (60 percent area median income) in a new six-story building. The project will consist of 24 efficiencies, 92 one-bedroom units, 47 two-bedroom units and six three-bedroom units. In addition, the project will house a licensed daycare operated by First Covenant Church.

The development will provide 188 parking spaces including a 135-stall underground parking ramp. All parking spaces will be available for public use. First Covenant Church will own and operate the parking and provide a 55-year ground lease to East Town Apartments Limited Partnership.

Resolution 16-HCHRA-0049 (adopted December 13, 2016) preliminarily approved the issuance of tax-exempt multifamily housing revenue bonds for the project.

Current Request: This request is to establish a public hearing on Tuesday, May 2, 2017 at 1:30 p.m., or as soon thereafter as practicable for the purpose of public comment on the issuance of tax-exempt multifamily housing revenue bonds for a project to be located at 815 6th Street South in the City of Minneapolis.

Impact/Outcomes: Issuance of Multifamily Housing Revenue bonds will create 169 affordable housing units in downtown Minneapolis.