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CITY OF ARllEN HYLLS <br />COUNTY OF RAMSEY <br />STATE OF MINNESQTA <br />RESOLIITIQN N�. 20XI-039 <br />APPROVING A HOUSING PROGRAM RELATING TO A SENIOR RENTAL <br />HQiTSING DEVELOPMENT TO BE LOCATED IN THE CITY OF <br />ARDEN HILLS; GRANTING PRELIMINARY APPROVAL TO THE ISSUANCE <br />OF REVENUE OBLIGATIONS SY THE CITY TO FINANCE THE SEN�OR <br />RENTAL HOUSING DEVELQPMENT; AND APPROVING AND <br />AUTH�R.IZING CERTAIN RELATED ACTIONS <br />WIIEREAS, pursuant to the Co�astitutian and laws of the State ot' Minnesota, particularly <br />Minnesota Statutes, Chapter 4C2C, as amended (the "Housing Act"}, stat�ziory and hozne rule cities and <br />other political subdivisions of the State of Min �esota are authorized to carry out the public purposes <br />described therein and contemplated thereby in the financing of multifamily housing c�evelopzx�e�ats by <br />issuing revenue obligatians to defray, in who�e or in part, ih� development costs of multifamily housing <br />developments, and by entering into any agreements made in connection t�erewith and by pledging any <br />such agreements as security forr the payrraent af the principal of and in�erest on any such revenue <br />obligatians; and <br />WIIEREAS, a multifamily �aouszng developmeni financed under the Housing Act may consist of <br />a multifatniIy housing development combined with a new or existing heaIth care facility if: (i) the <br />muItifamily housing development is designed and intended to be used for rental occupancy; (ii) the <br />taaultifamily housing development is designed and intended to be used primarily by elderly or physically <br />handicapped persons; anc� (iii} nursing, znedical, personal care, and ather heaIth-related, assisted-living <br />services are available on a 24-hour basis irz the multifamily hausing development to the residents; and <br />Vi1IIEREA�, Presbyterian Homes of Arden Hills, Inc., a Minnesota nonprofit carporation {the <br />"Company"), has requested the participation of the City of Arden Hills (t�e "City") in the financing oi the <br />acquisition, construction, and equippzng af a multifamily housing development consisting of a senior <br />rental housing facility comprising independen# living units, assisted living ur�its, and memory-care units <br />(a combined total of approximately 200 dwelli�g units) to be lacated at 3I20 and 3220 Lake Johanna <br />Boulevard in the City (the "Project"}; an.d <br />WI�AEAS, a Housing Program for a MultifarniIy Housing Development (the "Housing <br />Pzogra�m"} with r�spect to the Project and the issuance o�revenue obligations ("Revenue Obligations"} to <br />fnance the Housing Program and the Project �as been prepared pursuant to the requirements of Section <br />4S2C.03, subdivision Ia, of the Housing Act, and is on iile with the City; and <br />WIIEREAS, Section 147{� of tk�e Internal Revenue Code of 1956, as amended (the "Code"}, and <br />regulations pror�riulgatad thereunder, require that prior to the issuance of the Revenue Obligations to <br />�'inance the Project and the Housing Program, the City Council af ihe City must approve the financing of <br />the Project and issuanca of the Revenue Obligations after conducting a public hearing thereon and notice <br />of such pubIic hearing must be published at least once, not less than fourte�n (14) days prior to the date <br />fixed �or t�e pubIic hearing in a newspaper of general circulation within the City; and <br />-1- <br />