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Council approves refinancing of Chase at 9 Mile Creek; bonds to be tax‑exempt multifamily housing revenue refunding bonds
Summary
The council approved issuance of tax-exempt multifamily housing revenue refunding bonds to refinance an existing private activity bond for the Chase at 9 Mile Creek apartment project; the EDA later approved a related assignment and subordination agreement for tax increment financing documents.
The Minnetonka City Council on June 9 approved a resolution authorizing the issuance of multifamily housing revenue refunding bonds for the benefit of Roland Investments LLC to refinance the Chase at 9 Mile Creek project at 5709 Roland Road.
Staff and bond counsel explained the action is a conduit-style private activity refinancing: the city issues tax-exempt housing revenue refunding bonds on behalf of the borrower to refinance outstanding multifamily housing bonds. City staff and bond counsel clarified the bonds do…
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