7E, Presbyterian Homes Conduit Debt - Call for PH and Authorize Publication of Hearing

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� EN HILLS CITY OF ARDEN HiLLS COUNTY OF RAMSEY STATE OF MTNNESOTA RESOLUTION NO. 201�-034 RESOLUTION CALLING FOR A PUBLIC HEARiNG AND AUTHORIZING PUBLICATION OF A NOTICE OF PUBLIC AEAItING WITH RESPECT TO THE PROPOSED ISSUANCE OF REVENUE BONDS UNDER MINNESOTA STATUTES, CI�APTER 4b2C, AS AMENDED, FOR THE BENEFIT QF PRESBYTERTAN H4MES OF ARDEN HILLS, INC. WHEREAS, the City of Arden Hills, Minnesota {the "City") is a statutory city duly organized and existing under the Constitutior� and laws of the State of Minnesota; and WHEREAS, under #he Minnesota Housing Act, Minnesota Statutes, Chapter 4b2C, as amended (the "Housing Act"), any statutory or home rule charter city may issue r�venue bonds or obligations to make a loan to finance a rnultifamily housing development, including the preparation and construction of a new development and the impravement af an �xisting building and sita by a nonprofit corporation which will operate the building as a multifamily housing develapmen� for rental primarily ta eIderly or disabled persons; and WIIEREAS, the Housing Act aIso provides that a multifatnily housing develapment may consist of a combination af a muItifa�ni(y housing development and a new or existing heaIth care facility if: (i} the multafamily housing development is designed and intended to be used for rental accupancy; (ii) the multifamily �ousing development is designed and intanded ta be used prirnarily by elderly or physically disabled persons; and (iii) nursing, medical, personal care, and other health-related assisted living services are available on a 24-hour basis in the multifamiiy housing development to the residents; and WIIEREAS, in the making of a multifamily hausing develapment loan and the issuance of x'evenue bonds or other obligations und�r the Housing Act, a city may exercise within its corporate limi�s any of the powers the Minnesata Housing Fina�ce Agency may exercise under the tercns of the Housing Finance Agency Act, Minnesota Statutes, Chapter 462A, as amended; and WHEREAS, Presbyterian Homes of Arden Hills, Ine., a Minneso�a nonprofit corporation {fhe "Company"), and the Ci�ty en#ered into a Contract for Private Devefopment, dated December 20, 2d1Q {the "DeveIopment Con#ract"), purs�ant to which the City has agreed to issue revenue bonds ta finance a senior housi�g �aciIity coxnprising independent living units, assisted living units, and memory-care units (a comhined total of approximately 2Q0 dwelling units} to be located at 3120 and 3220 Lake Johanna Boulevard in the City (th� "Project"); and WHEREAS, the Company has requested that the City authorize the issuance of revenue bonds or o#her revenue abligatians (the "Bonds"), in a principal amount of approximately $34,Q00,000, under the terms of the Housing Act to finance a partion of the following: (i) the construction and equipping of the 388141v2 JCU AR240-i2