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CITY OF ARDEN HILLS, MTNNESOTA <br />RESOLUTION NO. ZO�.Q-081 <br />RESOLUTION APPROVING CONTRACT FOR PRIVATE <br />DEVELOPMENT AND AWARDING THE SALE OF, AND <br />PROVIDING THE FORM, TERMS, COVENANTS AND <br />DIItECTYONS FOR THE ISSUANCE OF ITS $1,115,000 TAX <br />INCREMENT REVENUE NOTE <br />BE TT RESOLVED BY the Ciiy Council ("CounciI") of the City af Arden Hills, Minnesota {the <br />"City"} as folIows: <br />Section 1. Authorization; Award of Sale. <br />1.41. Authorization. The City has heretofore approved �e establishment of Tax Increment <br />Financing District No. 4{the "TIF District") within amended Development District No. 1("Project"}, and <br />has adopted a tax increment financing plan for the purpose of financing certain improvements within #1ie <br />Project. <br />Pursuant to Minnesota Statutes, Section 469.178, the City is authorized to issue and sell its bonds <br />for the purpose �f financing a partion oi the public development costs of �he Develapment District. Such <br />bonds are payable from aIl qr any partian of revenues derived fram the T�' District and pledged to the <br />payment of the bonds. The City hereby finds and determines that it is in the best interests oi the City that <br />it issue and sell its $1,115,000 Tax Increment Re�enue Note {the "Note") for the purpose of financing <br />certain public costs of �he Project. <br />1 A2. A�reement Approved; Issuance, Sale, and Terms of the Note. The City hereby approves <br />tl�e Contract for Private Develapmen� between the City and the Owner (the "Agreement"j, and authorizes <br />the Mayor and City Administrator to execute such Agreeme�t in substantially the form on file with City, <br />subject to modifications that do not atter the substanc� of the transaction and are approved by such <br />officials, provided that execution of the Agreement by such officiais is conclusive evidence of their <br />approval. Pursuant to the Agreement, the Note shall be sold io PRESBYTERIAN HOMES O� ARDEN <br />HILLS, IlVC. {the "Owner") and delivered at the time and subject to the conditions of Section 3.3 of the <br />Agreement. The Note shaIl be dated as af the date of d�livery and shaIl bear interest fro:nn the date of <br />original issue to the earlier of maturify or prepayment, at the rate that is tha less�r of 6.25 percent per <br />annum, or the tr�e interest cost on the �rst series of Housing Revenue Bonds issued to finance the <br />Minimum Improvements in accordance with Ariicle VII of the Agreeznent. The consideration for the sale <br />af t1�e Note is the payment by tlie Owner of �e Public Developmen# Costs as defined in the Agreement. <br />Section 2. Form of Note. The Note shall be in substantially the foIlowing form, with the blanks <br />to be prop�rly filled in and th� principal amoun� and payznent schedule adjusted as afthe date of issue. <br />379276v1 .41220D-1p <br />