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<br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />ARDEN HILLS, MINNESOTA <br /> <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City <br />of Arden Hills, Minnesota, was duly held at the City Hall in said City on Monday, May 11, 2009, <br />commencing at 7:00 P.M. <br /> <br />The following members were present: <br /> <br />and the following were absent: <br /> <br />Member <br /> <br />introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION NO. 2009-011 <br /> <br />RESOLUTION CALLING FOR A PUBLIC HEARING ON <br />THE ISSUANCE OF HEALTH CARE AND HOUSING <br />REVENUE REFUNDING BONDS <br />(EAGLECREST PROJECT) <br /> <br />WHEREAS, Minnesota Statutes, Chapter 462C (the "Housing Program Act"), confers <br />upon cities, the power to issue revenue bonds to finance multifamily housing developments; and <br /> <br />WHEREAS, Minnesota Statutes, Sections 469.152 through 469.1651, relating to <br />municipal industrial development (the "Industrial Development Act"), gives municipalities the <br />power to issue revenue bonds for the purpose of the encouragement and development of <br />economically sound industry and commerce to prevent so far as possible the emergence of <br />blighted and marginal lands and areas of chronic unemployment; and <br /> <br />WHEREAS, EagleCrest Senior Housing, LLC, a Minnesota limited liability company <br />(the "Borrower"), has proposed that the City of Roseville, Minnesota ("Roseville") undertake a <br />program to finance a project (as defined below), a portion of which is located in the City of <br />Arden Hills, Minnesota (the "City") through the issuance of approximately $23,500,000 of <br />revenue bonds or other obligations (which may be issued in one or more series) (the "Bonds") <br />pursuant to the Housing Program Act and the Industrial Development Act; and <br /> <br />WHEREAS, the "Project" to be financed by the Bonds includes refinancing taxable <br />outstanding debt of the Borrower used to finance improvements to facilities owned or operated <br />by the Borrower which are located in the City and refunding Roseville's outstanding Senior <br />Housing Refunding Revenue Bonds (EagleCrest Project), Series 2007; and <br /> <br />2343675v3 <br />