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RUSGI,I� I"ION APPR()VIN�U TIIIj`[fiS[?Av(:1 A IiJ SALL- C?P SEMOR HOUSING NOTES, SI.:1 3?S 2015 AND r11.�"l'HORIZI iO T1 I], l�.Xi C.UTION Or' DOCIUMEN"I'S kELATING THERETO (�`I'.=1NT�1trVi�'S it1L>�.ACX PROJE,,M) WIII REAS, (a) Minnesota Statutes; Chapter 462C, tis. amended (the '-AO"); confers upon epics the power to issue revenue bonds: to finance a prog.rain for the purposes Of planning, administering, making dar piirCiiasiiig loans with f•e.spect. to one or more multi -.faintly housing projectdevclopmenis(itnclud ng:nursi.ngkind asststeel living facilities). (b} 171c City C'otiricil (the "C (�u c "I") of the: City of Lein Loke.. kliiines0ta (the City") 118s. receiveda proposal that it issue its Senior 11:0usinir?. Revenue Refunding Note., $cries 2(?15 (St. ,'1ndrewls Village Project ['roject), in one or metre series. which may be taxable or tax- cxempt .(collectivOy. the "Note") in the aggregate amount .not to exceed S 1.0.000,000 to provide funds to be tonned tcy PSA. I lousing .&� Assisted I.iv-lrig,, Inc:... a PvfianesOta nonprofit corIvration and .501(c:)(3) [li;ga1117.2rtld)n (the "Burro xer") to (i) refund a portion of the octtstct.nditlt Senior Hod.sing Revenue C�cful�ding Bonds (St: Ailtirev�,'s Village. Project) Series 2005 (tli( "Priof Bonds") previously issued by the (.'.ity- of Nialito.medi, Minnesota (`M.ahtomedi") in order to rerinanc, the approximately 139-unit senior liou ing facility; eun'taitring 70 indepmdent living units, 44 assisted. living units. 25 memory care units.. and approximately 10,170 square feet of dal•eare space leased to St. Andrew's. Church located at 240 last Avenue' Mahtmedi.. (tile "Priije CY. and. (ii) fimtnce cc rtain.pthei' costs ielatedl to die. 'Project: ' (c) In addition, the Borrower has requested that file lwconomic Developinent DA Atithority of the. Town of White Bear, Minnesota (the "BOA-) issue a revenue Nate :(the ` F.- Niue`'} pursuant tci the Act on a parity basis With (lie Note; (d) 'tile issuance anti .sale of the Note by tie City, pursuant to the Act, helps provide access to affordable ]lousing fo seniors in the comilluiiity and is in the interest dif the City. anti the City hereby determines tO issue the Nutt and to sc1.1 the \ote to. Klcinl ank in Chaiilr�isseii... 't%,lii�iresota (the -Lender"), as pro��ided herein. I'hc :City will loan the proceeds cif' .the Note (the -'Loan") o the Boi'i-ower in order to- assist in refinancing -the Projeot; (rr) The City has been advised `by representatives. of` the Borrower that conventional, commercial *Finaming to pav the capital cost of the Project is available on9}r oti a .limited basis and at such high casts ofborroNIVing that the economic fcas.i.bili.ty of*operating the Project would be significantly reduced;. (f) Based oil representations onhe Bo trower,�nrr`pitbtic official ca.t the City kas. t ldwr a direct or indirect financial interest in the Project near will any pubt.1c official either directly or'ittdirectly benefit financially ftoni the Project: and (s,) A public bearing yin the Project vas .he d by the City on this date. after: n()tice was published and materials made available: or public inspcctiart, all as required by the Act .and Section 1.47(t) of the Intcrual Revenue Code of 1986- as aaiien .ed, ai. which Public 7 �l(,?9.11YI .4.Sk.1 NiA3?i 7