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__ _ C�TY OF ARDEN HILLS, MINNE�OTA RESQLUTIQN NQ. 2010-081 RESOLUTION APPRQVING CONTRACT FOR PRIVATE DEVEL�PMENT AND AWA1tllTNG THE SALE OF, ANU PROVIDING THE FORM, TERMS, COVENANTS AND DIItECTIONS FOR THE TSSUANCE OF TTS $1,115,000 TAX INCREMENT REVENUE NOTE BE IT RESOLVED BY the City Council {"Council") of the City of Arden Hzlls, Minnesota (the "City") as foliows: Section 1. Authorization; Award of Sale. 1.01. Authorization. The City has heretofore approved the establishment of T� Increment Financing District No. 4{t�e "TIF District") within amended Development District No. 1{"Project"), and laas adopted a t� increment financing plan for the purpose of finatzcing certain improvements within the Project. Pursuant to Mi�nesota Statutes, Section 469.178, the City is autharized to issue and sell its bonds for tlie purpose af financing a portion of the public deveiopment costs of the Development District. Such bonds are payable from all or any partian of reven�es derived from the TIF District and pledged to the payment of the bonds. The Cifiy hereby finds and determines that it is in the best ir�terests of the City that it issue and sell its $1,ll5,000 T� �ncrement Revenue Note (the "Note") for the purpose of financing certain public costs of the Project. 1.02. A reemezat A raved� Issuance Sale and Terms of the Note. The City hereby approves the Contract for Private Development between the City and the Owner (the "Agreemer�t"), and authorizes the Mayor and City Administrator to execute such Agreement in substantially the form on file with City, subject to modifcations that do not alter the substance of the transaction and are approved by such ofFiciais, provided that execution of ihe Agreeinent by such officials is conclusive evidence of their approval. Pursuant to ihe Agreement, the Note shall be sold to PRESBYTERIAN HOMES OF ARDEN HTLLS, INC. (the "Owner"} and delivered at the time and subject to the condittons of Section 3.3 of the Agreement. The Note shall be dated as af the date of deiivery and shall bear interest from the date of original issue to the earlier of maturity or prepaym�nt, at the rate that is the lesser af 6.25 perc�nt per annum, or the true interest cost on the first series of Housing Revenue Bands issued to finance the Minimvm Improvernents in accordance with Arficle VII of the Agreement. The consideration far the sale af the Note is the payment by the Owner of the Public Development Costs as de�ned in the Agreement. Section 2. Form of Note. The Note shall be in substantially the follawing form, with the blanks to be properly filIed in and the principal amount and payment schedule adjusted as of the date of issue. 379276v1 AR200-i0