6A, Host Approval for $30,000,000 City of Spring Park Conduit Debt for Presbyterian Homes

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RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE OF MULTIFAMILY HOUSING AND HEALTH CA�RE REVENUE LINDER MI7�TNESOTA STATUTES, CHAPTER 462C AND AUTHORIZING THE EXECUTION OF A JOINT PO�iERS AGREEMENT AND AN AIVIENDED AND RESTATED REGULATORY AGREEMENT BE IT RESOLVED, by the City Council (the "Council") of the City of Arden Hills, Minnesota (the "City") as follows: Section l. General Recitals. (a) The purpose of Minnesota Statutes, Chapter 462C (the "Act"), is among other things, to confer upon cities the power to issue revenue bonds to finance multifamily housing developments; and Section 2. Description of the Proi ect. (a) PHS/Lake Minnetonka, LLC, a Minnesota limited liability company (the "Borrower") whose sole member is Presbyterian Homes Housing and Assisted Living, Inc., a Minnesota nonprofit corporation, has proposed that the City of Spring Park, Minnesota ("Spring Park" or the "Issuer") undertake a program to finance a proj ect (as defined below), a portion of which is located in the City through the issuance of approximately $30,000,000 of revenue notes or other obligations, in one or more series (the "Note") pursuant to the Act; and (b) The proj ect consists of financing and refinancing, on behalf of PHS/Lake Minnetonka, LLC, a Minnesota limited liability company, whose sole member is Presbyterian Homes Housing and Assisted Living, Inc., a Minnesota nonpro�t corporation (the "Borrower"), (i) the acquisition, construction, equipping of new facilities and the demolition of 2 existin g structures and the renovation of existing facilities to create a senior housing development which will consist of approximately 239 senior housing units including approximately 169 independent living units (the renovation of 160 units and new construction of 9 units), 52 assisted living units (52 units of new construction with demolition of 37 old units), 18 memory care units (renovation) and an approximately 20,000 square foot town center (new construction) for use by the residents of the senior housing units located at 4465, 4497, 4501, 4523, 4527, 4579, 45 89, 4599 Shoreline Drive in the City of Spring Park, Minnesota ("Spring Park"); and refunding Spring Park's outstanding Multifamily Housing Revenue Bonds (Presbyterian Homes Housing and Assisted Living, Inc. Project) Series 2007 which were issued to finance the acquisition and renovation of a 75 unit multifamily housing development comprised of 2 buildings located at 4601/09 Shoreline Drive and 2380 Island Drive in Spring Park (the "Park Hill Apartments") and to refinance the acquisition and renovation of a 51 unit multifamily housing development comprised of 3 build�ings located at 4579, 4589, and 4599 Shoreline Drive in Spring Park (the "Shoreview Apartm.ents") (collectively the "Spring Park Portion"); (ii) refunding of the outstanding City of Arden Hills, Minnesota Health Care and Housing Revenue Refunding Bonds (Presbyterian Homes of Arden Hills, Inc. Proj ect), Series 1999B (the "Series 1999B" Bonds) which were issued to finance the costs of the refinancing, acquisition, construction or renovation of certain housing and health care facilities located at 3120 and 3220 Lake Johanna Boulevard, 2 2494475v2