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JOINT POWERS AGREEMENT
<br /> PROVIDING FOR THE ISSUANCE OF A REVENUE NOTE TO
<br /> FINANCE HOUSING AND HEALTHCARE FACILITIES
<br /> (PHS/LAKE MINNETONKA CAMPUS PROJECT)
<br /> THIS AGREEMENT is entered into as of the I't day of May, 2010, b and between the City of
<br /> y y
<br /> Spring Park, Minnesota("Spring Park"), the City of Arden Hills, Minnesota("Arden Hills") and the City of
<br /> Ankeny, Iowa("Ankeny") (collectively, the "Cities", or individually, a "City"). Each of the municipalities
<br /> named above is a municipal corporation duly organized under the laws of the State of Minnesota, or the
<br /> State of Iowa.
<br /> 1. Minnesota Statutes, Section 471.59 and Iowa Code, Chapter 28E (the "Joint Powers
<br /> .Acts") provides that two or more governmental units, by agreement entered into through action of their
<br /> governing bodies, may jointly or cooperatively exercise any power common to the contracting parties, and
<br /> may provide for the exercise of such power by one of the participating governmental units.
<br /> 2. In connection with revenue bonds issued under Minnesota Statutes, Chapter 462C
<br /> (the "Housing Programs Act"), Section 462C.14, Subd. 3 provides for joint action between cities pursuant
<br /> to the Joint Powers Act.
<br /> 3. Iowa Code, Chapter 419 provides that Iowa-municipalities may issue revenue bonds
<br /> to defray the costs of facilities for organizations described under Section 501(c)(3) of the Internal Revenue
<br /> Code.
<br /> 4. PHS/Lake Minnetonka, LLC, a Minnesota limited liability company whose sole
<br /> member is Presbyterian Homes Housing and Assisted Living, Inc., a Minnesota nonprofit organization,
<br /> (the "Borrower") has proposed that the Cities enter into this Agreement pursuant to the Housing Programs
<br /> ams
<br /> Act and Iowa Code, Chapters 28E and 419, pursuant to which Spring Park will issue a revenue note (the
<br /> "Note") in the aggregate principal amount not to exceed $30,000,000 and loan the proceeds thereof to the
<br /> Borrower to finance the project described in the next paragraph.
<br /> 5. The project consists of the financing of(a) the acquisition, construction, equipping
<br /> of new facilities and the demolition of 2 existing buildings and renovation of existing facilities to create a
<br /> senior housing development which will consist of approximately 239 senior housing units, including
<br /> approximately 169 independent living units (the renovation of 160 units and new construction of 9 units),
<br /> 52 assisted living units (52 units of new construction with demolition of 37 old units), 18 memory care
<br /> units (new construction) and an approximately 20,000 square foot town center (new construction) for use
<br /> by the residents of the senior housing units located at 44651 44971) 45011 45233 452715 4579, 45891) 4599
<br /> Shoreline Drive in Spring Park, Minnesota (the "Spring Park Facilities") and (b) refund the outstanding
<br /> City of Arden Hills, Minnesota Refunding Health Care and Housing Revenue Refunding Bonds
<br /> (Presbyterian Home of Arden Hills, Inc. Project), Series 1999B, which were issued to finance and
<br /> refinance the acquisition, renovation and improvement of certain health care and housing facilities located
<br /> in Ankeny, Iowa, Spring Park, Minnesota, Arden Hills, Minnesota and Bloomington, Minnesota and refund
<br /> the outstanding City of Spring Park Multifamily Housing Revenue Bonds (Presbyterian Homes Housing
<br /> and Assisted Living, Inc. Project) Series 2007, which were issued to finance the acquisition of certain
<br /> health care and housing facilities located in Spring Park.
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