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<br /> �A HILLS
<br /> CITY OF ARDEN HILLS
<br /> COUNTY OF RAMSEY
<br /> STATE OF MINNESOTA
<br /> RESOLUTION NO.2023-022
<br /> RESOLUTION APPROVING AMENDMENTS TO THE SENIOR HOUSING REVENUE
<br /> NOTE (PRESBYTERIAN HOMES OF ARDEN HILLS, INC. PROJECT), SERIES 2015,
<br /> AMENDED AND RESTATED SENIOR HOUSING REVENUE NOTE (PRESBYTERIAN
<br /> HOMES OF ARDEN HILLS, INC. PROJECT), SERIES 2011A, AND AMENDED AND
<br /> RESTATED SENIOR HOUSING REVENUE NOTE (PRESBYTERIAN HOMES OF
<br /> ARDEN HILLS, INC. PROJECT), SERIES 2012A; AND AUTHORIZING THE
<br /> EXECUTION AND DELIVERY OF AN ALLONGE TO EACH OF SUCH NOTES
<br /> WHEREAS, on September 9, 2011, pursuant to a resolution adopted by the City Council
<br /> of the City of Arden Hills, Minnesota(the"City") on August 29, 2011 (the"2011 Resolution"),the
<br /> City issued its Senior Housing Revenue Note (Presbyterian Homes of Arden Hills, Inc. Project),
<br /> Series 2011A (the "Original 2011A Note"), in the original aggregate principal amount of
<br /> $10,000,000.00, and loaned the proceeds thereof to Presbyterian Homes of Arden Hills, Inc., a
<br /> Minnesota nonprofit corporation (the "Borrower"), pursuant to a Loan Agreement, dated as of
<br /> September 1, 2011 (the "2011A Loan Agreement"), between the City and the Borrower, for the
<br /> purposes of financing the acquisition, construction, and equipping of an approximately 166-unit
<br /> multifamily housing development consisting of a senior rental housing facility comprised of
<br /> independent living units,assisted living units,and memory-care units(the"Phase I Project')located
<br /> at 3120 and 3220 Lake Johanna Boulevard in the City and paying costs of issuance of the Original
<br /> 2011 A Note; and
<br /> WHEREAS, on January 3, 2012, pursuant to the 2011 Resolution, the City issued its (i)
<br /> Senior Housing Revenue Note (Presbyterian Homes of Arden Hills, Inc. Project), Series 2012A (the
<br /> "Original 2012A Note"),in the original aggregate principal amount of$10,000,000.00,and loaned the
<br /> proceeds thereof to the Borrower pursuant to a Loan Agreement, dated as of January 1, 2012 (the
<br /> "2012A Loan Agreement"), between the City and the Borrower, for the purposes of financing the
<br /> costs of the acquisition, construction, and equipping of the Phase I Project and paying certain
<br /> financing and issuance costs related thereto; and
<br /> WHEREAS, Bremer Bank, National Association, a national banking association (the
<br /> "Lender"), purchased the Original 2011 A Note and the Original 2012A Note; and
<br /> WHEREAS, on July 17, 2015, pursuant to a resolution adopted by the City Council of the
<br /> City on June 29, 2015 (the "2015 Resolution"), the City issued its Senior Housing Revenue Note
<br /> (Presbyterian Homes of Arden Hills,Inc.Project),Series 2015(the"Series 2015 Note"),in the original
<br /> aggregate principal amount of$10,000,000, and loaned the proceeds thereof to the Borrower pursuant
<br /> to a Loan Agreement, dated July 17, 2015 (the "2015 Loan Agreement'), between the City and the
<br /> Borrower, for the purposes of financing the development of an approximately 40-unit senior housing
<br /> facility comprised of independent-living, rental apartments within two buildings, together with
<br /> necessary common areas and community space(the"Phase II Project")located at 3200 Lake Johanna
<br /> Boulevard in the City and paying certain financing and issuance costs related thereto; and
<br /> AR200-21-870719.v 1
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