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. RESOLUTION NO. 01-14 RESOLUTION RECITING A PROPOSAL FOR A HOUSING FINANCE PROGRAM TO FINANCE AN ELDERLY HOUSING DEVELOPMENT PROJECT, GIVING PRELIMINARY APPROVAL TO THE PROJECT AND THE ISSUANCE OF REVENUE BONDS PURSUANT TO MINNESOTA LAW, AND RATIFYING THE PREPARATION OF A HOUSING FINANCE PROGRAM (PRESBYTERIAN HOMES OBLIGATED GROUP PROJECT) (a) WHEREAS, in connection with the issuance of the Notes it is proposed that a Joint Powers Agreement (the "Joint Powers Agreement") be entered into among the City of Arden Hills, Minnesota (the "City") and the City of Bloomington, Minnesota pursuant to Minnesota Statutes, Section 471.59; and (b) WHEREAS, Minnesota Statutes, Chapter 462C (the "Housing Program Act) confers upon cities, the power to issue revenue bonds to finance a program for the purposes of planning, administering, making or purchasing loans with respect to one or more multifamily housing developments within the boundaries of the parties to the Joint Powers Agreement; and (c) WHEREAS, the City has received from Presbyterian Homes Bloomington Care Center, Inc. (the "Developer") a proposal that the City undertake a program to finance a Project hereinafter described, through the issuance of revenue bonds or obligations in one or more series (the "Notes") pursuant to the Housing Program Act; and . (d) WHEREAS, the City desires to facilitate the development of rental housing within the community; encourage the development of affordable housing opportunities for residents of the City; encourage the development of housing facilities designed for occupancy by elderly persons; and encourage the development of blighted or underutilized land and structures within the boundaries of the City; and the Project will assist the City in achieving these objectives; and (e) WHEREAS, Minnesota Statutes, Sections 469.152 through 469.1651, relating to municipal industrial development (the "Industrial Development Act"), gives municipalities the power to issue revenue bonds for the purpose of the encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and arcas of chronic unemployment; and (f) WHEREAS, the Project to be financed by the Notes consists of the acquisition of approximately 49 cooperative senior housing units in the Gideon Pond Cooperative located at 9901 Penn A venue South, Bloomington, Minnesota and the refinancing of acquisition and capital costs incurred by the Developer and affiliated entities in connection with its health care facilities known as the Bloomington Care Center, an SO-bed skilled nursing facility located at 401 W. 95th S1., Bloomington, Minnesota and the McKnight Care Center, a 20S-bed nursing home facility located at 3220 Lake Johanna Boulevard, Arden Hills, Minnesota. The Developer is the owner and operator of the Bloomington Care Center and the Gideon Pond Cooperative units acquired as part of the Project and the . McKnight Care Center will be initially owned and operated by Presbyterian Homes of Arden Hills, Inc. 1323953vl