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SCHEDULE C <br />AUTHORIZING RESOLUTIQN <br />CYTY OF ARDEN HiI,LS, MINIVESOTA <br />RESOLUTiON NO. <br />RESOLUTION APPROVING CONTRACT FOR PRIVATE <br />DEVELOPMENT AND AWARDING THE SALE OF, AND <br />PROVIDING THE FORM, TERMS, COVENANTS AND <br />DIItECTIONS FOR THE ISSUANCE OF �TS $1,115,OU0 TAX <br />INCREMENT REVENUE NOTE <br />BE IT RESOLVED BY the City Council {"Council") of the City of Arden Hills, Minnesata (the <br />"City") as follows: <br />Section 1. Authorizatio�: Award of SaIe. <br />1.01. Authorization. The City has heretofore approved the establisI�ment af Tax �ncrement <br />Financing District No. 4{t�te "TIF District") within amended Development District No. 1("Project"), anc3 <br />has adopted a iaX increment financing plan for the pu;pose of financing certain improvements within the <br />Project. <br />Pursuant to Minnesata Statutes, Section 469.178, the City is authorized to issue and sell its bonds <br />for the putpose of financing a portion of the public development costs of the Developmen# District. Such <br />bonds are payable from a11 ar any portion of revenues derived from the TIF District and pledged ta the <br />payment of the bands. Th� City hereby �nds and determines that it is in the best inteeests of the City that <br />it issue and se11 its $1,115,000 Tax Increment Revenue N�te (the "Note") for the purpose of financing <br />certain public costs of the Project. <br />1.02. A eernent A roved• Issuance Sale and Terms of the Note. The City hereby appraves <br />the Contract for Frivate Develapment between the City and the Owner (the "Agreement"), and au�horizes <br />the Mayor and City Administrator to execute such Agreement in substantially t�e form on file with City, <br />subject t� modifications that do not alter the substance of the transaction and are approved by such <br />afficials, provided that execution of the Agreement by such of£�icials is canclusive evidence of their <br />approval. Pursuant to the Agreement, the Note shall be sold to PRESBYTERIAN HOMES OF ARDEN <br />H�L„L�, INC. (the "Owner") and delivered at the time and subject to the conditions of Section 3.3 of the <br />Agreement. The Note shall be dated as of the date of delivery and shall bear interest fro:nn the date of <br />original issue to the earlier of mat�.irity ar prepayment, at the rate that is the lesser of 6.25 percent per <br />annum, or the true interest cost on the frst series of Housing Revenue Bonds issued to finance the <br />Minimum Itnprovennents in accordance with Ar�icle VII of the Agreement. The consideration for the sale <br />of the Note is the payment by the Owner of the Public Development Costs as defined in the Agreement. <br />Section 2. Form of Note. The Note shall be in substantially the following form, with the blanks <br />to be properly fiIled in and th;e principal amount and payrrient schedule adjusted as of the date of issue. <br />378990v6 5JB Aii2Q0-10 C-3 <br />