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<br />. <br /> <br />CITY OF ARDEN HILLS <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO. 99-19 <br /> <br />RESOLUTION RECITING A PROPOSAL FOR A HOUSING <br />FINANCE PROGRAM TO FINANCE AN ELDERLY <br />HOUSING DEVELOPMENT PROJECT, GIVING PRELIMINARY <br />APPROVAL TO THE PROJECT AND THE ISSUANCE OF <br />REVENUE BONDS PURSUANT TO MINNESOTA LAW, AND <br />RATIFYING THE PREPARATION OF A HOUSING FINANCE PROGRAM <br />(PRESBYTERIAN HOMES OBLIGATED GROUP PROJECT) <br /> <br />WHEREAS, in connection with the issuance of the Bonds it is proposed that a Joint <br />Powers Agreement (the "Joint Powers Agreement") be entered into among the City and <br />the Cities of Little Canada, Spring Park, and Bloomington, MN; and Ankeny, lA, <br />pursuant to Minnesota Statutes, Section 471.59 and Iowa Statutes, Chapter 28E; and <br /> <br />. <br /> <br />WHEREAS, Minnesota Statutes, Chapter 462C (the "Housing Program Act) confers <br />upon cities, the power to issue revenue bonds to finance a program for the purposes of <br />planning, administering, making or purchasing loans with respect to one or more <br />multifamily housing developments within the boundaries of parties to the Joint Powers <br />Agreement; and <br /> <br />WHEREAS, the City of Arden Hills, Minnesota (the "City") has received from <br />Presbyterian Homes Housing and Assisted Living, Inc. (the "Developer") a proposal that <br />the City undertake a program to finance a Project hereinafter described, through the <br />issuance of revenue bonds or obligations (in one or more series) (the "Bonds") pursuant to <br />the Housing Program Act; and <br /> <br />WHEREAS, the City desires to facilitate the development of rental housing within the <br />community; encourage the development of affordable housing opportunities for residents <br />of the City; encourage the development of housing facilities designed for occupancy by <br />elderly persons; and encourage the development of blighted or underutilized land and <br />structures within the boundaries of the City; and the Project will assist the City in <br />achieving these objectives; and <br /> <br />WHEREAS, Minnesota Statutes, Sections 469.152 through 469. 165, relating to <br />municipal industrial development (the "Industrial Development Act"), gives <br />. municipalities the power to issue revenue bonds for the purpose of the encouragement <br />