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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 /> Section 1. General Recitals.
<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 /> Section 2. Description of the Project.
<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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