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of the City must authorize the publication of a notice of public hearing at least once, not less than fourteen(14) days prior to the date fixed for the public hearing, in a newspaper of general circulation within the City and following such public hearing the Council must approve the financing of Phase II of the Minimum Improvements and the issuance of the Bonds;and WHEREAS, Section 462C.05 of the Housing Act requires that,prior to issuance of the Bonds by the City, a housing program with respect to Phase II of the Minimum Improvements (the "Program") must be prepared and must be adopted by the City Council of the City after a public hearing on the Program following one publication of a notice in a newspaper circulating generally in the City at least fifteen(15)days before the public hearing; and WHEREAS, on or before the day the notice of public hearing is published,the City must submit the Program to the Metropolitan Council for its review and comments as to whether the Program furthers local and regional housing policies; THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF ARDEN HILLS, MINNESOTA: 1. At the request of the Company, the Council shall meet at 7:00 p.m. on Monday, June 8,2015, to conduct a public hearing with regard to the adoption of the Program and with regard to granting preliminary authorization to the issuance of the Bonds as requested by the Company. 2. The City hereby approves publication of a notice of the public hearing in the Shoreview- Arden Hills Bulletin,a newspaper of general circulation in the City at least once not less than fifteen(15) days prior to the date of the public hearing. The form of the notice is attached hereto as EXHIBIT A and is hereby approved, with such necessary and appropriate variations, omissions, and insertions as the Mayor and Administrator of the City in their discretion shall determine. 3. The administrative staff of the City is hereby authorized,with the assistance of Kennedy &Graven, Chartered, as bond counsel to the City, to prepare the Program and submit the Program to the Metropolitan Council on or before the date of publication of the notice of public hearing. 4. The adoption of this Resolution does not constitute a guaranty or firm commitment that the City will issue the Bonds as requested by the Company. The City retains the right in its sole discretion to withdraw from participation and accordingly not to issue the Bonds,or to issue the Bonds in an amount less that the amount referred to herein, should the City at any time prior to issuance thereof determine that it is in the best interest of the City not to issue the Bonds, or to issue the Bonds in an amount less than the amount referred to above, or should the parties to the transaction be unable to reach agreement as to the terms and conditions of any of the documents required for the transaction. ADOPTED BY THE COUNCIL OF THE CITY OF ARDEN HILLS, MINNESOTA ON THIS MAY 11,2015. David Grant,Mayor (1A • 'w t Amy Dietl,City Olerk 2