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WHEREAS, Section 462C.04, subdivision 2, of the Housing Act provides that a public hearing
<br />must be held on the Housing Program after one publication of notice in a newspaper circulating generally
<br />in the City at least fifteen (15) days before the public hearing and on or before the date of publication of
<br />the notice of public hearing the Housing Program must be submitted to the Metropolitan Council for its
<br />review and comment; and
<br />WHEREAS, pursuant to Resolution No. 2011 -034, adopted by the City Council of the City on
<br />June 27, 2011, the City Council: (i) determined to conduct a public hearing with respect to the Housing
<br />Program and the Project at a regular meeting of the City Council to be held on Monday, July 25, 2011;
<br />(ii) authorized publication of a notice of public hearing in the Shoreview-Arden Hills Bulletin; and
<br />(iii) authorized submission of the Housing Program to the Metropolitan Council on or before the date of
<br />publication of the notice of public hearing; and
<br />WHEREAS, the notice of public hearing provided a general, functional description of the Project,
<br />as well as the maximum aggregate face amount of the obligations to be issued to finance the Project, the
<br />identity of the initial owner, operator, or manager of the Project, and the location of the Project and such
<br />public notice was submitted to the Shoreview-Arden Hills Bulletin for publication and was published on
<br />Wednesday, July 6, 2011; and
<br />WHEREAS, a copy of the Housing Program was delivered to the Metropolitan Council on or
<br />before the date of publication of the notice of public hearing and a comment letter, dated July 11, 2011,
<br />was received from Guy Peterson, the Director of the Community Development Division of the
<br />Metropolitan Council, on behalf of the Metropolitan Council, which stated that the Project and the
<br />Housing Program "will further life cycle housing opportunities in Arden Hills "; and
<br />WHEREAS, on July 25, 2011, the City Council of the City conducted a public hearing on the
<br />Housing Program, the Project, and the issuance of the Revenue Obligations by the City to finance the
<br />Project and at such public hearing a reasonable opportunity was provided for interested individuals to
<br />express their views at the public hearing, both orally and in writing, on the Project and the proposed
<br />issuance of such Revenue Obligations.
<br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY THAT:
<br />Section 1. Approval of Housing Program. The Housing Program is hereby approved.
<br />Section 2. Preliminary Approval of Revenue Obligations. Preliminary approval is hereby
<br />granted to the issuance of Revenue Obligations by the City in the aggregate principal amount of
<br />approximately $34,000,000 to finance the Project, subject to final approval following the preparation of
<br />documents, and subject to a final determination by the City Council that the financing of the Project and
<br />the issuance of the Revenue Obligations are in the best interests of the City. In order to assist in the
<br />issuance of the Revenue Obligations as "qualified tax - exempt obligations," within the meaning of
<br />Section 265(b)(3) of the Code, preliminary approval is hereby granted to the issuance of revenue
<br />obligations by other political subdivisions of the State of Minnesota to assist in the financing of the
<br />Project.
<br />Section 3. Special Obligations. The Revenue Obligations to be issued by the City to finance the
<br />Project shall not constitute a pecuniary liability or charge, lien, or encumbrance, legal or equitable, upon
<br />any funds, assets, taxing powers, or any other property of the City except the City's interest in the loan
<br />agreement or revenue agreement and any security specifically pledged to the Revenue Obligations; and
<br />the Revenue Obligations, when, as, and if issued shall recite in substance that the Revenue Obligations,
<br />including interest thereon, are payable solely from the revenues received from the Company and the
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