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CITY OF ARDEN HILLS COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO. 2011-039 APPROVING A HOUSING PROGRAM RELATING TO A SENIOR RENTAL HOUSING DEVELOPMENT TO BE LOCATED IN THE CITY OF ARDEN HILLS; GRANTING PRELIMINARY APPROVAL TO THE ISSUANCE OF REVENUE OBLIGATIONS BY THE CITY TO FINANCE THE SENIOR RENTAL HOUSING DEVELOPMENT; AND APPROVING AND AUTHORIZING CERTAIN RELATED ACTIONS WHEREAS, pursuant to the Constitution and laws of the State of Minnesota, particularly Minnesota Statutes, Chapter 462C, as amended (the "Housing Act "), statutory and home rule cities and other political subdivisions of the State of Minnesota are authorized to carry out the public purposes described therein and contemplated thereby in the financing of multifamily housing developments by issuing revenue obligations to defray, in whole or in part, the development costs of multifamily housing developments, and by entering into any agreements made in connection therewith and by pledging any such agreements as security for the payment of the principal of and interest on any such revenue obligations; and WHEREAS, a multifamily housing development financed under the Housing Act may consist of a multifamily housing development combined with a new or existing health care facility if: (i) the multifamily housing development is designed and intended to be used for rental occupancy; (ii) the multifamily housing development is designed and intended to be used primarily by elderly or physically handicapped persons; and (iii) nursing, medical, personal care, and other health - related, assisted - living services are available on a 24 -hour basis in the multifamily housing development to the residents; and WHEREAS, Presbyterian Homes of Arden Hills, Inc., a Minnesota nonprofit corporation (the "Company "), has requested the participation of the City of Arden Hills (the "City ") in the financing of the acquisition, construction, and equipping of a multifamily housing development consisting of a senior rental housing facility comprising independent living units, assisted living units, and memory -care units (a combined total of approximately 200 dwelling units) to be located at 3120 and 3220 Lake Johanna Boulevard in the City (the "Project "); and WHEREAS, a Housing Program for a Multifamily Housing Development (the "Housing Program ") with respect to the Project and the issuance of revenue obligations ( "Revenue Obligations ") to finance the Housing Program and the Project has been prepared pursuant to the requirements of Section 462C.03, subdivision la, of the Housing Act, and is on file with the City; and WHEREAS, Section 147(1) of the Internal Revenue Code of 1986, as amended (the "Code "), and regulations promulgated thereunder, require that prior to the issuance of the Revenue Obligations to finance the Project and the Housing Program, the City Council of the City must approve the financing of the Project and issuance of the Revenue Obligations after conducting a public hearing thereon and notice of such public hearing must be published at least once, not less than fourteen (14) days prior to the date fixed for the public hearing in a newspaper of general circulation within the City; and