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<br />. <br /> <br />. <br /> <br />. <br /> <br />The Developer will be the obligor under the Notes. All facilities will be initially managed by <br />Presbyterian Homes Management and Services, Inc. The Project will result in the provision of <br />additional rental housing opportunities to elderly persons within the community; and <br /> <br />(g) WHEREAS, in accordance with Minnesota Statutes, Section 462C.04, <br />Subdivision 2, the City and the City of Bloomington, Minnesota have heretofore submitted to the <br />Metropolitan Council (the "COlillcil") a program to finance the Project; and <br /> <br />(h) WHEREAS, a public hearing on the Project was held on the date hereof, after <br />notice was published and materials were made available for public inspection at the City Hall, all as <br />required by the Housing Program Act, the Industrial Development Act and Section 147(1) of the Internal <br />Revenue Code of 1986, as amended (the "Code"), at which public hearing all those appearing who <br />desired to speak were heard and written comments were accepted; and <br /> <br />(i) WHEREAS, no public official of the City has either a direct or indirect financial <br />interest in the Project nor will any public official either directly or indirectly benefit financially from the <br />Project: <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Arden <br />Hills, Minnesota, as follows: <br /> <br />1. The City hereby gives preliminary approval to the proposal of the Developer that <br />the City undertake the Project, described above, and the program of financing therefor, pursuant to the <br />Housing Program Act and the Industrial Development Act, consisting of the refinancing, acquisition or <br />renovation of housing and/or health care facilities within the City pursuant to the Developer's <br />spccifications and to a loan agreement between the City and the Developer on such terms and conditions <br />with provisions for revision from time to time as necessary, so as to produce income and revenucs <br />sufficient to pay, when due, the principal and interest on the Notes in the total principal amount of not to <br />exceed $5,500,000 to be issued pursuant to the Housing Program Act and the Industrial Development <br />Act to finance the refinancing, acquisition and renovation of the Project; and said agreement may also <br />provide for thc entire interest of the Developer therein to be mortgaged to the purchasers of the Notes, or <br />a trustee for the holder(s) of the Notes; and the City, acting by and through the City, hereby undertakes <br />preliminarily to issue its Notes in accordance with such terms and conditions. <br /> <br />2. At the option of the City, the financing may be structured so as to take advantage <br />of whatever means are available and are permitted by law to ehbance the security for, or marketability <br />of, the Notes; provided that any such financing structure must be consented to by the Developer. <br /> <br />3. On the basis of information available to the City it appears, and the City hereby <br />finds, that the Project constitutes a multifamily housing development within the meaning of subdivision <br />5 of Section 462C.02 of the Housing Program Act; that the availability of the financing under the <br />Housing Program Act and the willingness of the City to furnish such financing will be a substantial <br />inducement to the Developer to undertake the Project, and that the effect of the Project, if undertaken, <br />will be to encourage the provision of additional multifamily rental housing opportunities to residents of <br />the community, and to promote more intensive development and use ofland within the community. <br /> <br />4. In addition, on the basis of information available to the City it appears, and the <br />City hereby finds, that the Project constitutes properties, real and personal, used or useful in connection <br /> <br />1323953,,] <br />