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<br />. <br /> <br />. <br /> <br />. <br /> <br />Resolution No. 99-19 <br /> <br />Page Two <br /> <br />June 28, 1999 <br /> <br />and development of economically sound industry and commerce to prevent so far as <br />possible the emergence of blighted and marginal lands and areas of chronic <br />unemployment; and <br /> <br />WHEREAS, the Project to be financed by the Bonds consists of the refinancing, <br />acquisition, construction or renovation by the Developer of housing and/or health care <br />facilities as more particularly described in Exhibit A. The Developer will be the initial <br />owner and operator of The Mayfield and the Gardens of Gideon Pond; McKnight Care <br />Center and Lakeview will be initially owned and operated by Presbyterian Homes of <br />Arden Hills, Inc.; Presbyterian Homes on Lake Minnetonka, will be initially owned and <br />operated by Presbyterian Homes Care Centers; Bloomington Care Center will be initially <br />owned by Presbyterian Homes Bloomington Care Center, Inc.; and Mill Pond Care <br />Center will be initially owned and operated by Presbyterian Homes Mill Pond Care <br />Center, Inc. The Developer and/or one or more or all of the foregoing entities will be the <br />obligors under the Bonds (the "Obligated Group"). Presbyterian Homes Management and <br />Services, Inc. will initially manage all facilities. The Project will result in the provision <br />of additional rental housing opportunities to elderly persons within the community; and <br /> <br />WHEREAS, in accordance with Minnesota Statutes, Section 462C.04, Subdivision 2, the <br />City has heretofore submitted to the Metropolitan Council (the "Council") a program to <br />finance the Project; and <br /> <br />WHEREAS, a public hearing on the Project was held on the date hereof, after notice was <br />published and materials made available for public inspection at the City Hall, all as <br />required by the Housing Program Act, the Industrial Development Act and Section l47(f) <br />of the Internal Revenue Code of 1986, as amended (the "Code"), at which public hearing <br />all those appearing who desired to speak were heard and written comments were <br />accepted; and <br /> <br />WHEREAS, no public official of the City has either a direct or indirect financial interest <br />in the Project nor will any public official either directly or indirectly benefit financially <br />from the Project: <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council ofthe City of Arden <br />Hills, Minnesota, as follows: <br />