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CITY OF GEM LAKE
<br />RESOLUTION NO.2002-07
<br />15 April -.2002.
<br />A RESOLUTION OF THE. CITY CUUNCI.L OF THE CITY'OF GEM..LAKE, MINNESOTA,.RATIFYING A .
<br />HOUSINC PROGRAM' OF THE CITY OF WHITE BEAR'LAKE, MINNESOTAx APTHORIZING THE
<br />ISSUANCE AND$ALE•OF REVENUE BONDS PURSUANT TOM. .INNESOTA STATUTES, CHAPTER.462C,
<br />AS AMENDED; APPROVING THE FORM *O# AND A.UTHORIZINC THE,EXECUTION AND DELIVERY
<br />OF THl? REVENUE BONDS, AND RELATED DOCUMENTS; PROVIIQINC FOR THE SECURITY, RIGHTS;
<br />AND REMEDIES WITH RESPECT TO THE REVENUE BONDS; AND GRANTING APPROVAL .FOR
<br />ENTRY INTO A JOINT POWERS AGREEMENT, AND TAK INC CERTAIN OTHER. ACTIONS WiTH
<br />RESPECT THERETO.
<br />WHEREAS; the City of Gem Lake, .Mignesota.(the "City'), is a statutory city and a: political subdivision of the State of
<br />M in newta;: and
<br />NVI-i EREAS. pursuantto the Constitution and laws.ofthe StateofMinnesota, particularly M.innesota.Statutes,.Chapter462C, as
<br />aiiiended (The ".Act"),the City is authorized.tocartyputthepublicpurposes described therein.and:co.ntempiatedtliereby by issuing
<br />iF, reVcnuc.bonds or other obligations to tnake.aloari to - inance'a.mu.ltifamily hQusing*development, iifcluding:the financing of
<br />tcosts of the acquisition and preparation of a site and the construction of a new multifamily housi.rig developmentfor rental
<br />exclusively to persons age fifty-five (55) years and older; .and
<br />WHEREAS; the Ciry. of White Bear Lake;. Minnesota ("White Bear Lake"), ii home tuiecity and a political•.subdivision of the
<br />State of Minnesota, is.also authdrizedto issue revenuebonds.pursuant to the'Act;and
<br />W H E R EA S; pursuanf to M innesotaStatutes, Section 471.59, as amended (the "Joint Pbwers Act"), the City and White $ear.Lake
<br />niay.jointly or cooperatively exercise.aity power common to the City and White Bear Lake, including those which are the same
<br />exc.cpt for the -territorial limits within which they may be exercised; and
<br />WH E.IZEAS, Boulder -Senior Living, LLC, a Minnesota limited liability company (the `!Borrower"), has requested.that the City.
<br />and White Bear Lakgeach.issue multi.familyhousing.revenue bonds underthe Act and the Joint Powers Act and loan the proceeds
<br />thereof to the Borrower tofinance.the development;acquisition;.construction, and equipping of a ninety-four(94).unitimtltir mily
<br />housing facility for rental ecelusively;to persons. -age fifty-five (55) years and older to.be located at3555 Willow Avettue.inthe
<br />City of White Bear Lake (the "Project" j; and.
<br />WHEREAS, White Bear Lake. adopted a Housing Program with.respeet.to.the Project (the."Program" ), inaccordance with the
<br />requirements. of the Act, whidh•.authorizes the issuance of up to S12,000,000 in fevenue bonds or obligations to'.finance the
<br />acquisition: construction'arid equipping.by the.$orrotver ofthe Project and the:Pirogram was submitted ta'the Metropolitan Council
<br />for its review on December 5, 2000; and
<br />WHEREAS, the-issuanceofrivenuebondsIb the City pursuanttotheActto•iiriancetheProject isconsistentwiththestatedgoals
<br />+ttl cibjeetives.of the comprehensive rmitiicipal plaii of the City ado0d4dly, 11097, as amended; and
<br />WHEREAS. folloW rg'the publication of a notice (the "Public Notice") of a puE?lic hearing...(in which. a general, functional
<br />description ofthe Project was provided; as well asthe•mAxjmum.aggregateface amountofthe. obligations to be issued with respect
<br />to the Project,. the identity of the initial owner; operator,. or manager of the .Project, and the location of the Project by U. Met
<br />address) in a newspaper circulatiiib;benerally in the City at least. fifteen (l5) days.before the.regu.larlyscheduled meeting.ofthe
<br />City C•otitrcil. of the City on April l 5,, 2002, the City Council of the. City conducted •a. public hearing at.which a reasonable
<br />opportunity was provided :for interested.individuals to express.their views, both orally and in writing, .on. the Progro ti and,the
<br />proposed :issuance of the Bonds (defined below), and the location and nature of the Project; and
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