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CITY OF ROSEVILLE NOTICE OF HEARING ON A PROPOSAL FOR A PROGRAM TO FINANCE A MULTI-FAMILY RENTAL HOUSING DEVELOPMENT (VICTORIA PLACE 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 l2, 1985, to consider the proposal of a limited partnership to be formed with John Mathern, Jeff Johnson and Dave Langenfeld as general partners (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 12 four-plex buildings containing in the aggregate approximately 48 three-bedroom units, located in the southeast section of the intersection of Highway 36 and Victoria Avenue 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 income, 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 Development. The project will be initially owned and operated by the Company. The maximum aggregate estimated principal amount of bonds or other obligations to be issued to finance this project is $2,400,000. 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 development and the financing program therefor may be obtained from the Office of the City Manager, 2660 Civic Center Drive, Roseville, Minnesota.