A EN HILLS
<br />CITY OF ARDEN HILLS
<br />COUNTY OF RAMSEY
<br />STATE OF MINNESOTA
<br />RESOLUTION NO.2023-022
<br />Attachment C
<br />RESOLUTION APPROVING AMENDMENTS TO THE SENIOR HOUSING REVENUE
<br />NOTE (PRESBYTERIAN HOMES OF ARDEN HILLS, INC. PROJECT), SERIES 2015,
<br />AMENDED AND RESTATED SENIOR HOUSING REVENUE NOTE (PRESBYTERIAN
<br />HOMES OF ARDEN HILLS, INC. PROJECT), SERIES 2011A, AND AMENDED AND
<br />RESTATED SENIOR HOUSING REVENUE NOTE (PRESBYTERIAN HOMES OF
<br />ARDEN HILLS, INC. PROJECT), SERIES 2012A; AND AUTHORIZING THE
<br />EXECUTION AND DELIVERY OF AN ALLONGE TO EACH OF SUCH NOTES
<br />WHEREAS, on September 9, 2011, pursuant to a resolution adopted by the City Council
<br />of the City of Arden Hills, Minnesota (the "City") on August 29, 2011 (the "2011 Resolution"), the
<br />City issued its Senior Housing Revenue Note (Presbyterian Homes of Arden Hills, Inc. Project),
<br />Series 2011A (the "Original 2011A Note"), in the original aggregate principal amount of
<br />$10,000,000.00, and loaned the proceeds thereof to Presbyterian Homes of Arden Hills, Inc., a
<br />Minnesota nonprofit corporation (the "Borrower"), pursuant to a Loan Agreement, dated as of
<br />September 1, 2011 (the "2011A Loan Agreement"), between the City and the Borrower, for the
<br />purposes of financing the acquisition, construction, and equipping of an approximately 166-unit
<br />multifamily housing development consisting of a senior rental housing facility comprised of
<br />independent living units, assisted living units, and memory -care units (the "Phase I Project") located
<br />at 3120 and 3220 Lake Johanna Boulevard in the City and paying costs of issuance of the Original
<br />2011 A Note; and
<br />WHEREAS, on January 3, 2012, pursuant to the 2011 Resolution, the City issued its (i)
<br />Senior Housing Revenue Note (Presbyterian Homes of Arden Hills, Inc. Project), Series 2012A (the
<br />"Original 2012A Note"), in the original aggregate principal amount of $10,000,000.00, and loaned the
<br />proceeds thereof to the Borrower pursuant to a Loan Agreement, dated as of January 1, 2012 (the
<br />"2012A Loan Agreement"), between the City and the Borrower, for the purposes of financing the
<br />costs of the acquisition, construction, and equipping of the Phase I Project and paying certain
<br />financing and issuance costs related thereto; and
<br />WHEREAS, Bremer Bank, National Association, a national banking association (the
<br />"Lender"), purchased the Original 201 IA Note and the Original 2012A Note; and
<br />WHEREAS, on July 17, 2015, pursuant to a resolution adopted by the City Council of the
<br />City on June 29, 2015 (the "2015 Resolution"), the City issued its Senior Housing Revenue Note
<br />(Presbyterian Homes of Arden Hills, Inc. Project), Series 2015 (the "Series 2015 Note"), in the original
<br />aggregate principal amount of $10,000,000, and loaned the proceeds thereof to the Borrower pursuant
<br />to a Loan Agreement, dated July 17, 2015 (the "2015 Loan Agreement"), between the City and the
<br />Borrower, for the purposes of financing the development of an approximately 40-unit senior housing
<br />facility comprised of independent -living, rental apartments within two buildings, together with
<br />necessary common areas and community space (the "Phase II Project") located at 3200 Lake Johanna
<br />Boulevard in the City and paying certain financing and issuance costs related thereto; and
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