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1 HOUSING PROGRAM FOR A MULTIFAMILY HOUSING DEVELOPMENT PRESBYTERIAN HOMES OF ARDEN HILLS, INC. City of Arden Hills, Minnesota Section A. The Project, the City, and the Bonds. Pursuant to the Constitution and laws of the State of Minnesota, particularly Minnesota Statutes, Chapter 462C, as amended (the “Act”), cities and other political subdivisions of the State of Minnesota are authorized to carry out the public purposes described therein and contemplated thereby in the financing of multifamily housing developments by issuing revenue bonds or obligations to defray, in whole or in part, the development costs of a multifamily housing development, and by entering into any agreements made in connection therewith and by pledging any such agreements as security for the payment of the principal of and interest on any such revenue bonds or obligations. A multifamily housing development financed under the Act may consist of a multifamily housing development combined with a new or existing health care facility if: (i) the multifamily housing development is designed and intended to be used for rental occupancy; (ii) the multifamily housing development is designed and intended to be used primarily by elderly or physically handicapped persons; and (iii) nursing, medical, personal care, and other health-related, assisted-living services are available to the residents on a 24-hour basis in the multifamily housing development. Cities and other political subdivisions of the State of Minnesota are authorized to issue obligations to finance the improvement of real property located outside of the corporate boundaries of such cities or other political subdivisions if the property or properties constituting a single project is located in a city and the governing body of such city consents, by resolution, to the issuance of obligations by the other cities or other political subdivisions. Presbyterian Homes of Arden Hills, Inc., a Minnesota nonprofit corporation (the “Company”), has requested the participation of the City of Arden Hills, Minnesota (the “City”), in the financing of the development by the Company of a senior housing facility comprised of forty (40) independent-living, rental apartments to be located in two buildings (twenty (20) apartments per building), togeth er with necessary common areas and community space, to be located a t 3200 Lake Johanna Boulevard in the City (the “Project”). The Project will constitute the second phase of the Minimum Improvements proposed to be developed by the Company under a Contract for Private Development, dated December 20, 2010 (the “Development Contract”), between the City and the Company. The Project will be comprised of a mix of one-bedroom and two-bedroom apartments ranging in size from approximately 900 square feet up to approximately 1800 square feet. Ground-level apartments are expected to have a front door/porch and second-floor apartments will have a deck. Some apartments will have a sunroom. There will be garage parking for approximately 66 cars and a surface parking lot for an additional 40 cars. The two buildings comprising the Project will be connected through a link at both the garage-level and the ground-level. The projected costs of development of the Project and the estimated revenues to be derived from the Project are set forth in the tables attached in EXHIBIT A to this Housing Program.