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EN HILLS <br /> CITY OF ARDEN HILLS - <br /> COUNTY OF RAMSEY <br /> STATE OF MINNESOTA <br /> RESOLUTION NO.2011-042 <br /> AUTHORIZING THE ISSUANCE AND SALE OF SENIOR HOUSING <br /> REVENUE NOTES (PRESBYTERIAN HOMES OF ARDEN HILLS, INC. <br /> PROJECT), SERIES 2011A AND SERIES 2012A, IN THE ORIGINAL - <br /> AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $20,000,000; <br /> APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND <br /> DELIVERY OF THE NOTES, LOAN AGREEMENTS, AND CERTAIN <br /> RELATED DOCUMENTS; AND PROVIDING FOR THE SECURITY, RIGHTS, <br /> AND REMEDIES WITH RESPECT TO THE NOTES <br /> WHEREAS, pursuant to the Constitution and laws of the State of Minnesota, particularly <br /> Minnesota Statutes, Chapter 462C, as amended (the "Housing Act"), statutory and home rule cities and <br /> other political subdivisions of the State of Minnesota are authorized to carry out the public purposes <br /> described therein and contemplated thereby in the financing of multifamily housing developments by <br /> issuing revenue obligations to defray, in whole or in part, the development costs of multifamily housing <br /> developments, and by entering into any agreements made in connection therewith and by pledging any <br /> such agreements as security for the payment of the principal of and interest on any such revenue <br /> obligations; and <br /> WHEREAS, a multifamily housing development financed under the Housing Act may consist of <br /> a multifamily housing development combined with a new or existing health care facility if. (i)the <br /> multifamily housing development is designed and intended to be used for rental occupancy; (ii)the <br /> multifamily housing development is designed and intended to be used primarily by elderly or physically <br /> handicapped persons; and (iii)nursing, medical, personal care, and other health-related, assisted-living <br /> services are available on a 24-hour basis in the multifamily housing development to the residents; and <br /> WHEREAS, Presbyterian Homes of Arden Hills, Inc., a Minnesota nonprofit corporation (the <br /> "Borrower"), has requested the participation of the City of Arden Hills(the"City") in the financing of the <br /> demolition of an existing senior housing facility and the acquisition, construction, and equipping of a <br /> multifamily housing development consisting of a senior rental housing facility comprising independent <br /> living units, assisted living units, and memory-care units(a combined total of approximately 166 dwelling <br /> units)to be located at 3120 and 3220 Lake Johanna Boulevard in the City(the"Project"); and <br /> WHEREAS, a Housing Program for a Multifamily Housing Development (the "Housing <br /> Program") with respect to the Project and the issuance of revenue obligations to finance the Housing <br /> Program and the Project was prepared pursuant to the requirements of Section 462C.03, subdivision la, <br /> of the Housing Act, and is on file with the City;and <br /> l <br />