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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 pub�icatian of notice in a newspaper circulating gen�rally
<br />in the City at least fifteen (15} days before t�e publzc hearing and on or before the date of publication o�
<br />the notice af public hearing the Housing Program must be submitted to Ehe Metropolita:n Council for its
<br />review and comment; and
<br />WHEREAS, pursuant to Resolution No. 20I 1-034, adapted by the City Council of the City on.
<br />June 27, 2011, the City Council: (i) determined to co�duct a public heaxing with respect to �he Housing
<br />Prograz� and the Project at a regular meeting of the City Coezncil to be held on Monday, July 25, 2011;
<br />(ii) autharized pubIication of a notice of public hearing in #he ShoYeview Arden Hzlls Bulletin; and
<br />{iii) authorized submission oi 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 pubIic hearing provided a general, iunctiona� description of tlie Project,
<br />as well as the rr�aximum aggregate face amount of the obligatzons to be issued to finar�ce the Project, the
<br />identity of the initial awner, 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 anc� was published on
<br />Wednesday, July 6, 201 I; and
<br />WHEREAS, a copy of the Housing Program was delivered io the Metropolitan Council an or
<br />before the date of pubIication of the noiice of public hearing and a camment letter, dated July 11, 2U11,
<br />was received from Guy Peterson, the Directar of the Cozx�nr�uni�y Development Division of the
<br />Metropoliian CounciI, on behalf of the Metropolitan Council, whic� stated that the Project and the
<br />Housing Program "will fuitlier Iife cycle housing opportunities in Arden HiIls"; and
<br />WI�REAS, on July 25, 201 l, the City Council o�' the City conducted a public hearing an the
<br />Housing Program, the Project, and the issuance of the Revenue Obligations by the City to finance the
<br />Project and at such pubiic heariz�g a reasonabI� opportunity was provided for interested individuals to
<br />express t�eir views at the public hearing, both orally and in writing, on the Proj�et and the proposed
<br />issuance of such Revenue Obligations.
<br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY THAT:
<br />Sectio� 1. A�proval of Housin� Pro _�ram. The Housing Program is hereby approved.
<br />Section 2. Preliminar��roval of Revenue Obligations. Prelimxnary approval is hereby
<br />granted to the issuance of Revenue Obtigations by the City in the aggregata principaI 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 fnal determination by the City Council that the �na�ncing of the Project and
<br />the issuance of the Revenue Ob�igations are in the best interests of the City. In order to assist in the
<br />issuance of t�e Revenu� Obligations as"qualified taX-exempt abligaiions," within the meaning of
<br />Section 2b5{b)(3) of the Code, preIi�x�inary approval is hereby granted to the issuance of revenue
<br />obligations by oiher political subdivisions af the State of Min�esota to assist in the iinanci�g of the
<br />Project.
<br />Section 3. Specia� Obli atg ions. The Revenue Obligations to be issued by tt�e City to �inance the
<br />Project shall not constitute a pecuniary IiabiIity or charge, li�n, or encumbrance, legal or equitable, upon
<br />any funds, assets, ta�ing powers, or any ather property of the City except the Ciiy's interest in the loan
<br />agreement or revenue agreement and any security specifically pledged to the Aevenue Obtigations; atzd
<br />the Revenue Obligations, when, as, and if issued shall recite in substance that the Rev�nue Obligations,
<br />inclucEing interest thereon, are payable solely from the reven�es received frozx� the Company and the
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