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RESOLUTION APPROVING: THE ISSUANCE AND SALE OF { SENIOR HOU9NG REVENUE REFUNDING NOTES, SERIES 2015 AND AUTHORIZING THE EXECUTION OF DOCUMENTS RELATING THERETO (ST. ANDREW'S VILLAGE PROJECT) WHEREAS, - (a) Minnesota- Statutes, Chapter. 462C, as amended (the "Act"), confers upon cities the ,power -to issue revenue bonds to finance a program for tine purposes of planning,. administering, malting .or. purchasing ..Loans with respect to one or more multi -family housing. project developments (iticluding. nursing -and assisted living facilitie$). (b) The CityCouncil.(the "CouncWj of the City of Gem*I,ke, in (the "City"} .has: received a pmposal..that it 'issue its Senior Housing Revenue Refunding Note, Series 2015' (St. Andrew's Village Project Project), in one or more series; which may be.taxable or-tax- :oXempt (ebllec6.ely, the "Note") in the aggregate .amountpot to exceed $10;000,0Q0 to provide fwids to be loaned to PSA. Housing & Assisted Living, Inc., a Minnesota. nonprofit corporation and 5.01(cX3) organization (the "Borrower") to (i) refund a portion of the outstanding Senior Dousing Revenue Refunding. Bonds (St. Andrew's Village Project) Series 20Q5 (the "Prior Bonds"} previously issued by the. City of Mahtorhedi,. Minnesota ('Mahtomedi") in order to refinance the approximately 139�-unit, facility,..eontaining 70 independent living units, 44 assisted living units, 25 memory care units,. anal :approximately 10,170 square feet of daydc re .space& leased to St. Andrew's Church located. at 240 East. Avenue, Mahtoxriedi, (the* "Project");(ii) finance certain other costs. related to the Project; (G} 1n addition, the Borrower has requested that the Econoixiic Development Authority of the Town .of White Bear,. Minnesota (the. "F.,DA") issue a revenue Nate (the "EDA Note"). pursuant to the Act on a parity basis: with the Note; (d) The -issuande and sale of -the Note by the City; pursuant to the Act, helps' .provide access to affordable -housing -to -.seniors in the community and is in the. interest ofthe .City., and the City .hereby determines to issue the Note. ,and to sell the Note. to K1einBank in Chanhassen, Minnesota (the "Lender'% as provided herein. The City will loan the proceeds of the Note (the `loan") to the Borrower in order to assist in refinancing the Projec ; (e) The City has been advised by representatives of the Borrower that conventional, commercial .financing to pay -the .capital cost of the: Project is available only on a limited basis and at such high costs of borrowing. that the economic .feasibility of operating the Project Would.be signif earitly reduced; (iD Based on representations of the Borrower,ma public .official of the:Cityihas either a direct or indirect financial interest in. the Project nor will any pulilic.dffioial either directly' or indirectly benefit financially from the Project;- and (g) A publio hearing on the Project was. held by the. City on this date, after notice was published and materials tnade available for public inspection, all 'as required by the Act and Section 147(f) of the Internal .Revenue Code of 1986, as amended, of which public, 2 46201IVI jSB'A4A335=7