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�! :� ■mph!!■!! _ f� ,j *+ uw •■ 0-1.1 R . 1 revision from time to tLme as neoessary, so as to produce income and revanues sufficient to pay, wbm due the principal and serest on the Bonds in the total principal amount cf opproximately $23#000,000 to be issued-pursuant to the Act to finance the acquisition and construction of the Project; and said agreement may also .provide for the an re interest of the Developer therein to be mortgaged to the purohasers of the 'Donds,, or a tutee for the holder(s) of the Bonds; and the City, acting by and through the City, hereby again undertakes preliminarily to issue its bonds in accordance. with such to and conditionse 3e At the option of the City r the financing may be structured so as to take advantags of vhatever weans are available and are permitted by 'law to anhanoe the security for, or marketability of, the. Goode; provided that any such financing structure isust be conso nted to by the Developer. 46 on the basis of information available to the City it appears, and the City hereby finds r that the Project consti- tutes a sulti mfami ly housing development vith in the meaning of subdiviai on 5 of Soot ion 462C.02 of tbs Act" that the availability of the financing under the Act the willingness of the City to furnish such financing will be a subst ant fa l inducement to the Developer to undertake the Projects and that the effect of the Project, if undertaken, will be to encoura 4 e the provision of additional multifamily senior rental housing opportunities to rosidents of the City, and to promote more intensive development and use of land vithin the City. 5. The prof act and the program to finance the Fro j act by the issuance of revenue bonds is again hereby given Preliminary minary approval by the City and subject to final approval by the Cityp tha Developer and the purchasers of the Bonds as to ultimata details of the financing of the Project. fi. The housing program for financing tho Project prepared in accordance with the, provisions or Kinnenota Statutes, Section 46C.03 is bereby approvedo 7a The Developer has agreed and it is again hereby detormined that any and all costs incurred by the -City - in connection with the financing of tha prof eot vhether or not the pro f ect is carried to czapletion will be paid by the -Developor. g. Briggs and Morgan 0 profess Tonal Association# acting as bond counsels is main authorized to waist in the preparation and roviaw of necessary documents relating to the Project, the housing plan and the financing proV therefor, to consult with tha City Attorney, Develoy,er and purchasers of the Goads (or 4 LIS Id I go- 1 'J / 0 91 6 A 0 `6 0 MA) ON 1 9 IflYd 'I OHOW G SOD��