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2380 Island Drive in Spring Park (the "Park Hill Apartments") and to refinance the acquisition and renovation of a 51-unit multifamily housing development comprised of 3 buildings, located at 4579, 4589, and 4599 Shoreline Drive in Spring Park (the "Shoreview Apartments") (collectively, the "Spring Park Portion"); and (iii) refund a portion of the outstanding City of Arden Hills, Minnesota Health Care and Housing Revenue Refunding Bonds (Presbyterian Homes of Arden Hills, Inc. Project), Series 1999B, which were issued to finance the costs of the refinancing, acquisition, construction or renovation of certain housing and health care facilities located at 3120 and 3220 Lake Johanna Boulevard, Arden Hills, and at the time of issuance, commonly known as "Lakeview Residence," a 177-unit elderly assisted-living facility, "Sutton Place," a 19-unit elderly independent-living facility, and "McKnight Care Center," a 208- bed nursing home facility in the City , now collectively known as "Johanna Shores" (the "Arden Hills Portion," and together with the "Spring Park Portion," the "Project") and other facilities located in Spring Park and Bloomington, Minnesota and Ankeny, Iowa. The Spring Park Portion of the Project is owned and operated by the Borrower and the Arden Hills Portion of the Project is owned and operated by Presbyterian Homes of Arden Hills, Inc., an affiliate of Presbyterian Homes and Serv Project in Arden Hills to be Refinanced: The Arden Hills Portion is described above at (iii) of Arden Hills, Minnesota Health Care and Housing Revenue Refunding Bonds (Presbyterian Homes of Arden Hills, Inc. Project), Series 1999B, which were issued to finance the costs of the refinancing, acquisition, construction or renovation of certain housing and health care facilities located at 3120 and 3220 Lake Johanna Boulevard, Arden Hills, and commonly known as "Lakeview Residence", a 177-unit elderly assisted-living facility, "Sutton Place," a 19-unit elderly independent-living facility and "McKnight Care Center," a 208-bed nursing home facility in the C Arden Hills Portion. A housing program for the Arden Hills Portion was adopted in 1999. Since the issuance of the Series 1999 Public Hearing: On March 31st, the City Council adopted a resolution calling for a public newspaper on April 9th. Joint Powers Agreement: In addition to granting host approval in 2010, the City entered into a Joint Powers Agreement with the City of Spring Park and the City of Ankeny, Iowa, the other host city. In connection with the issuance of the Refunding Notes, the Borrower also requests that the City enter into an amended and restated joint powers agreement to add the cities of Chanhassen and St. Bonifacius as parties thereto. A draft of the amended and restated joint powers agreement has been provided to the City Council. 6096125v2