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RESOLUTION NO.2002-05 RESOLUTION RELATING TO A MULTIFAMILY HOUSING DEVELOPMENT TO -BE ACQUIRED, OWNED AND OPERATED BY BOULDER SENIOR LIVING, tLC,. A MINNESOTA LIMITED LIABILITY COMPANY; AND THE ISSUANCE OF REVENUE BONDS TO FINANCETHE COSTS THEREOF UNDER MINNESOTA STATUTES, CHAPTER 462C;.AS AMENDED; GRANTING PRELIMINARY APPROVAL THERETO, ESTABLISHING' COMPLIANCE WiTH CERTAIN REIMBURSEMENT REGULATIONS UNDER THE INTERNAL REVENUE CODE -OF 1986, AS AMENDED, AND TAKING CERTAIN OTHER ACTIONS WITH RESPECT THERETO BE IT RESOLVED bythe City Coim:61(the "City Council").ofth6 trity of Gem Ldke,.Minnesota.(th.e"City"), as follows: Section I,, Recitals. 1.01.. The Cityis a statutory city duly organized and existing. under theConstitpt ott and laws of the. State of Minnesota. 1.02. Pursuant to Minnesota Statutes, Cltapter462.C, as amended (the "Act"),.the City is. -authorized to carry out the public. purposes described. in the. Act: by.providing for the issuance pf revenue bonds to provide funds to finance oT retinance multifamily housing developments located within the City.or another municipality, The:governing body o.f the nitmicipality or pMevelopmentagencyinust conduct a public. hearing on the proposal to undertake and finance the project. Notice of the time and place of hearing, and stating the general nature of the.. project and all estimate. of the principal antountof bonds or other obligations to be issued to finance the project, must be -published at least oncenot less than fourteen days nor niore than thirty days prior.to the'date fined for the hearing, in the official newspaper and a iievN spaper.of.general circulation.:of the municipality. 1:03.. .Purstiantto Minnesota Statutes, Section 471.59, as amended (the "Joint Powers Act"), two or more �.t overnmental units, by agreement entered into through action of their governing bodies, may jointly -or cooperatively exercise ariy power common to the contracting parties orally similar powers, including those which are the same except for tite territorial limits within which they rnaybe: exercised. 1.04. Boulder Senior Living, LLC,. a Minnesota limited -liability company (the "Borrower"), the sole member of which is. W.edunt Foundation, a Minnesota. nonprofit corporation (tile "Foundation"). or a related or successor entity, has proposed that the City, pursuant to the Act and the Joint Powers Act,. issue its revenue bonds iniho approximate aggregate principal. amount .not to exceed $ 1.0,000,000, it one or more.seriesat one: time or from .time to time (the "Bonds"), tite proceeds ofwhich will be loaned by the City to.the.Borrower to be..applied by the.Borrowerto finance the acquisition, construction,. and equipping of a ninety-four (94) unit senior independent Iiving.muldfamily rental housing. development known as "The.Boulders" (tile. "Project"), to be located.at 3:555 Willow Avenue in the City of White Bear Lake; Minnesota ("White Bear Lake"),adjacentto the. City. The Borrower wil I apply the pmceedsof the loan to the costs of the acquisition, construction, and.equippingof the Project,.establisliina.oiie ormore re servesand the pjyrj,entof certain costs .related to the issuance. of the Bands.. 1.05, At the request of the.Borro`wer ond:with:the. cotisentof White.Bear Lake, the City proposes to issue the Bonds uridei the Act pursuant to a. joint powers agceem6nt:betwee6 the City and White Bear Lake to finance the Project. -1-