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<br />(h) The housing program has been <br />submitted to the Metropolitan Council for its <br />review and comment. <br /> <br />NOW THEREFORE, BE IT RESOLVED by the City Council of <br />the city of Roseville, Minnesota, as follows: <br /> <br />1. The City hereby gives preliminary approval to the <br />proposal of che Developer that the City undertake the project, <br />described above, and the program of financing therefor, <br />pursuant to Minnesota Statutes, Chapter 462C, consisting of the <br />construction and equipping of multi-family rental housing <br />facilities within the City pursuant to the Developer's <br />specifications and to a revenue agreement between the City and <br />the Developer on such terms and conditions with provisions for <br />revision from time to time as necessary, so as to produce <br />income and revenues sufficient to pay, when due, the principal <br />and interest on the Bonds in a total principal amount of approx- <br />imately $1,900,000 to be issued pursuant to the Act to finance <br />the construction and equipping of the Project; and said agree- <br />ment may also provide for the entire interest of the Developer <br />therein to be mortgaged to the purchaser or purchasers of the <br />Bonds, or a trustee for the holder(s) of the Bonds; and the <br />City hereby undertakes preliminarily to issue its bonds in <br />accordance with such terms and conditions; <br /> <br />2. The housing program is hereby approved and <br />adopted and the City Manager is authorized and directed to <br />submit the housing program to the Minnesota Housing Finance <br />Agency ("MHFA") for its review; <br /> <br />3. At the option of the Developer, the financing may <br />be structured so as to take advantage of whatever means are <br />available and are permitted by law to enhance the security for, <br />or marketability of, the Bonds; provided that any such <br />financing structure must be approved by the City; <br /> <br />4. On the basis of information available to the <br />City, it appears, and the City hereby finds, that the Project <br />constitutes a multifamily housing development within the <br />meaning of subdivision 5 of Section 462C.02 of the Act; that <br />the Project will be primarily occupied, in part, by persons of <br />low or moderate income; that the availability of the financing <br />under the Act and the willingness of the City to provide such <br />financing will be a substantial inducement to the Developer to <br />undertake the Project, and that the effect of the project, if <br />