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. RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE OF HEALTH CARE AND HOUSING REVENUE BONDS UNDER MINNESOTA STATUTES, CHAPTER 462C AND MINNESOTA STATUTES, SECTIONS 469.152 THROUGH 469.1651 BE IT RESOLVED, by the City Council (the "Council") of the City of Arden Hills, Minnesota(the "City") as follows: Section 1. General Recitals. (a) The purpose of Minnesota Statutes, Chapter 462C (the "Housing Program Act"), is among other things, to confer upon cities the power to issue revenue bonds to finance multifamily housing developments; and (b) The purpose of Minnesota Statutes, Sections 469.152 through 469.1651 as amended, relating to municipal industrial development (the "Industrial Development Act" and together with the Housing Program Act, the "Acts"), is among other things, to confer upon municipalities the power to issue revenue bonds for the encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment. Section 2. Description of the Project. • (a) EagleCrest Senior Housing, LLC, a Minnesota limited liability company (the "Borrower") has proposed that the City of Roseville, Minnesota ("Roseville" or the "Issuer") undertake a program to finance a project (as defined below), a portion of which is located in the City through the issuance of approximately $23,500,00 of revenue bonds or other obligations, in one or more series (the "Bonds")pursuant to the Acts; and (b) The project consists of refinancing, on behalf of the Borrower, (i) the Issuer's outstanding Senior Housing Refunding Revenue Bonds (EagleCrest Project), Series 2007 which were issued to refinance the acquisition, construction and equipping of a multifamily rental housing facility known as EagleCrest, consisting of 127 units of independent living apartments, 91 units of assisted living and 36 units for memory care located at 2925-45 Lincoln Drive North in the City of Roseville (the `EagleCrest Facility"); (ii) financing capital improvements to the EagleCrest Facility (collectively, the "Roseville Portion"); and (iii) the outstanding taxable debt of the Borrower or its affiliate, Presbyterian Homes of Arden Hills, Inc. used to finance improvements to the common areas, hallways and room conversions to the McKnight Care Center, located at 3220 Lake Johanna Boulevard in the City (the "Arden Hills Portion" and, together with the Roseville Portion, the"Project"). (c) The City has been advised that the Bonds or other obligations, as and when issued, will not constitute a charge, lien or encumbrance upon any property of the City or the Issuer, except the Project and the revenues to be derived from the Project or other financed facilities. Such Bonds or obligations will not be a charge against the general credit or taxing . powers of the City or the Issuer, but is payable from sums to be paid by the Borrower pursuant to a revenue agreement. 2345557v2 2