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SCHEDULE C AUTHORIZ�NG RESOLUTION CITY OF ARDEN HILLS, MINNESOTA RESOLUT�ON N�. RESOLUTION APPROVING CONTRACT FOR PRIVATE DEVELOPMENT AND AWARDING THE SALE OF, AND PR�VIDING THE FORM, T�RMS, COVENANTS AND DIRECTYONS FOR THE ISSUANCE OF ITS �1,115,000 TAX INCREMENT REVENUE NOTE BE IT RESOLVED BY the City Cou�cil ("Counci�") of the City of Arde�z Hikls; Minnesota (the "City"} as fo]Iows: Section ]. Authorization; Award of Sale. ].Ol. Authorization. The City has hereto%re approved tl�e esiablishment of Tax Ir�crement Financing District No. 4{the "TIF District") within amended Devefopment District No. 1("Project"), and has adopted a tax increment frnancing pJan for the purpose of financi�� certain improvements within t1�e Project. 4 PursUant to Minnesata Statutes, 5ection 4b9.17$, the City is auThorized to issue and sell its bonds far the purpose of financing a portio�► of the public development costs of the De�elopment District. Such bonds are paya�le from all or any portion of revenues deri�ed from the TIF Distric# and p}edged to the payment of the bonds. The City hereby finds and determines that it is in the best in#erests of the City that it issue and sell its $1,�35,Ob0 Tax Increment Reve�3ue Note (the "Note") for the purpose of �nancing certain public casts af the Project. 1.02_ A�reement Approved; Issuance, Sale., and Terms of the Note. The City hereby approves the ConEract for Private Development between the City and the Owner {the "Agreemeni"), and authorizes the Mayor and City Ac�ministratar ta execute such Agreement in substantial�y the form on fIe with City, subject to modifications that do not alter the substance of the transactian and are approved by such of�cia�s; provided that exeeution of tl�e Agreement by such offcials is conclusive evidence of their approval. Pursuant to the Agreement, the Note shall be sold ta PRESBYTERIAN HOMES OF ARD�N HILLS, INC. (the "Owner") and deiivered at the ti�ne and subject to the conditions of Section 3.3 of the Agreement. The Nate shall be dated as of the date of delivery and shall bear inierest from the date of original iss�e to the earlier of �naturity or prepayment, ai the rate that is the lesser af b.25 percent per annum, or the true interest eosi on the first series of Housing Re�enue Bonds issued to finance the Min�mum lmpro�ements in accordance with Article Vll of the Agree�nent. The consideration for tk�e sale of the Note is the payment by the Owner of the Pubiic Development Costs as defined i�� the Agreement. Section 2. Form af Note. The Note shall. be in substantially the following farm, with the bIanks to be properly filled in and the principal amount anci payment sehec�ule adjusted as of the c�ate of issue. C-3