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_ _ __ _ SCHEDULE C AUTHORiZ�NG RESOLUTION CITY OF ARDEN HILLS, MINNESOTA RESOLUTION NO. RESOLUTION APPROVING CONTRACT FOR PR�VATE DEVELOPMENT AND AWARDING THE SALE �F, AND PROVIDING THE FQRM, TERMS, COVENANTS AND DIRECT�ONS FOR THE ISSUANCE OF ITS $1,115,fl00 TAX INCREMENT REVENUE NOTE BE IT RESOi,VED BY the City Council {"Council") of the City of Arden Hills, Minnesota (the "City"} as follows: Section 1. Authorization: Award of Sale. I.O1. A�tharization. The Ciry has heretofore approved ihe esta6lishment of Tax Increment Financing D�strict No. 4{the "TIF District") within amended Development District No. 1("Project"), and has adopted a tax increment fnancing plan for the purpase of financing certain impra�ements within the Aroject. Pursuant to Minnesota Statutes, Section 469.178, the Ci#y is autharized to issue and seli its bon�s for the purpose of financing a portion o�the publie developrnent costs of the Development District. Such bonds are payable from all or any partion of revenues tlerived from the TIF District and pledged to the payrr�ent of the bonds. The City hereby finds and deterrr�ines that it is in the best interes#s of the City that it issue and selt its $],115,400 Tax lncrement Revenue Nate {the "Note") for the purpose of financing certain public costs of the Project. l.02. A�reement Approved; Issuance, Sale, and Terms of the.Note. The City hereby approves the Contract for Private Development between the City and the Owner (the "Agreement"), and autharizes the Mayor and City Administrator to execute such Agreement in substantialiy the form on file with City, suhjec# to modi�ications that do not alter the substance of the iransaction and are approved by such officials, provided that executior� of the Agreernent by such officials is conclusive evidence of their approvai. Fursuant to the Agreement, the Note shall be sotd to PRESBYTERIAN HOMES OF ARDEN HILLS, TNC. (the "Owner") and delivered at the time and subject ta the conditions of Seetion 3.3 of the Agreement. The Note shall be date[� as of the date of delivery a�d shall bear interest from the date of arigina� issue to the earlier of maturi#y or prepayment, at the rate that is the lesser of 6.25 percent per annum, or the true iflierest cost on the first series of Housing Reve�ue Boncis issued to finance the Minimum Improvements in accordance with Article VTI of the Agreement. The consideration for �he sate of the Note is the payment by the Owner of the Aublic Development Costs as de��ted in the Agreement. Section 2. Form of Note. The Note shall be in substantially the following form, witl� the blanks to be properly filled in and tl�e principal amaunt and payment schedule adjusted as of the date of issue. 378990�10 S.1B AR200-]0 C_�