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RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE
<br />OF HOUSING AND HEALTH CARE REVENUE REFUNDING NOTES
<br />UNDER MINNESOTA STATUTES, CHAPTER 462C AND
<br />AUTHORIZING THE EXECUTION OF A JOINT POWERS AGREEMENT
<br />BE IT RESOLVED, by the City Council (the "Council") of the City of Arden Hills,
<br />Minnesota (the "City") as follows:
<br />
<br />Section 1.General Recitals.
<br />
<br />(a)The purpose of Minnesota Statutes, Chapter 462C (the "Act"), is among other
<br />things, to confer upon cities the power to issue revenue notes, in one or more series, to finance
<br />and refinance multifamily housing developments; and
<br />
<br />Section 2.Description of the Project.
<br />
<br />(a)PHS/Lake Minnetonka, LLC (the "Borrower"), an affiliate of Presbyterian Homes
<br />and Services, a Minnesota nonprofit corporation, proposes to refinance a Project consisting of
<br />refunding the outstanding principal amount of the City of Spring Park, Minnesota $28,000,000
<br />Housing and Health Care Revenue Note, Series 2010 (PHS/Lake Minnetonka Campus Project)
<br />(the "Series 2010 Note"), the proceeds of which were used to (i) finance the acquisition,
<br />construction, and equipping of new facilities, the demolition of 2 existing buildings, and the
<br />renovation of existing facilities to create a senior housing development that consists of 236
<br />senior housing units, including 166 independent living units, 52 assisted living units, 18 memory
<br />care units, and an approximately 20,000 square foot town center for use by the residents of the
<br />senior housing units located at 4501, 4523, 4527, and 4599 Shoreline Drive in Spring Park; (ii)
<br />refund Spring Park's outstanding Multifamily Housing Revenue Bonds (Presbyterian Homes
<br />Housing and Assisted Living, Inc. Project) Series 2007 which were issued to finance the
<br />acquisition and renovation of a 75-unit multifamily housing development comprised of 2
<br />buildings located at 4601/09 Shoreline Drive and 2380 Island Drive in Spring Park (the "Park
<br />Hill Apartments") and to refinance the acquisition and renovation of a 51-unit multifamily
<br />housing development comprised of 3 buildings, located at 4579, 4589, and 4599 Shoreline Drive
<br />in Spring Park (the "Shoreview Apartments") (collectively, the "Spring Park Portion"); and (iii)
<br />refund a portion of the outstanding City of Arden Hills, Minnesota Health Care and Housing
<br />Revenue Refunding Bonds (Presbyterian Homes of Arden Hills, Inc. Project), Series 1999B (the
<br />"Series 1999B Bonds"), which were issued to finance the costs of the refinancing, acquisition,
<br />construction or renovation of certain housing and health care facilities located at 3120 and 3220
<br />Lake Johanna Boulevard, Arden Hills, and at the time of issuance, commonly known as
<br />"Lakeview Residence," a 177-unit elderly assisted-living facility, "Sutton Place," a 19-unit
<br />elderly independent-living facility, and "McKnight Care Center," a 208-bed nursing home
<br />facility in the City, now collectively known as "Johanna Shores" (the "Arden Hills Portion," and
<br />together with the "Spring Park Portion," the "Project") and other facilities located in Spring Park
<br />and Bloomington, Minnesota and Ankeny, Iowa. The Spring Park Portion of the Project is
<br />owned and operated by the Borrower and the Arden Hills Portion of the Project is owned and
<br />operated by Presbyterian Homes of Arden Hills, Inc., an affiliate of Presbyterian Homes and
<br />Services; and
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