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CITY OF ROSEVILLE NOTICE OF HEARING ON A PROPOSAL FOR A PROGRAM TO FINANCE A MULTI-FAMILY RENTAL HOUSING DEVELOPMENT (HILLSIDE ESTATES PROJECT) Notice is hereby given that the City Council of the City of Roseville, Minnesota will meet at the City Hall in the City of Roseville, Minnesota at 7:30 o'clock p.m. on August 12, 1985, to consider the proposal of Gordie Howe Real Estate, Inc., a Minnesota corporation (the "Company"), that the City undertake a program to finance the development hereinafter described pursuant to the City's housing plan under Minnesota Statutes, Chapter 462C by the issuance of revenue obligations. Description of Development Construction and equipping of. I building containing approximately 61 rental units, anticipated to consist of 21 one-bedroom units and 40 two-bedroom units, located in the northwest section of the intersection of Highway 36 and Rice Street in the City of Roseville. As required by federal law, not less than 20% of the rental units will be occupied by persons of low i;~come, a category presently defined under federal law to mean persons or families whose income is 80% or less of the median income for the St. Paul area as determined by the United States Department of Housing and Urban Develop- ment. The maximum aggregate estimated principal amount of bonds or other obligations to be issued to finance this project is $3,500,000. The bonds or other obligations if and when issued will not constitute a charge, lien or encumbrance upon any property of the City except the project and such bonds or obligations will not be a charge against the City's general credit or taxing powers but will be payable from sums to be paid by the Company pursuant to a revenue agreement. Further information concerning the devleopment and the financing program therefor may be obtained from the Office of the City Manager, 2660 Civic Center Drive, Roseville, Minnesota.