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<br />. <br /> <br />.I <br />I <br />I <br /> <br />546B <br /> <br />RESOLUTION 7807 <br /> <br />RESOLUTION RECITING A PROPOSAL FOR A <br />FINANCING PROGRAM FOR A MULTI-FAMILY RENTAL <br />HOUSING DEVELOPMENT, GIVING PRELIMINARY <br />APPROVAL TO THE PROJECT AND THE HOUSING PROGRAM, <br />PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, <br />AUTHORIZING THE CITY OF ROSEVILLE <br />- TO ISSUE HOUSING REVENUE BONDS <br />AND AUTHORIZING THE SUBMISSION OF THE <br />HOUSING PROGRAM FOR THE PROJECT FOR APPROVAL TO THE <br />MINNESOTA HOUSING FINANCE AGENCY AND <br />AUTHORIZING THE PREPARATION OF NECESSARY <br />DOCUMENTS AND MATERIALS IN CONNECTION <br />WITH THE SAID PROJECT AND PROGRAM <br /> <br />(HILLSIDE ESTATE NO. 2 PROJECT) <br /> <br />WHEREAS, <br /> <br />(a) Minnesota Statutes, Chapter 462C <br />(the "Act) confers upon cities the power to <br />issue revenue bonds to finance a pro~ram for <br />the purposes of planning, administer1ng, <br />making or purchasing loans with respect to <br />one or more multi-family housing developments <br />within the boundaries of the city; <br /> <br />(b) The City has received from <br />Stratford Investments, Ltd., a Minnesota <br />corporation, a proposal that the City <br />undertake a program to finance a Project <br />hereinafter described by forming a l~mited <br />partnership identified as Hillside Estate <br />No.2 (the "Developer"), through the issuance <br />of revenue bonds or obligations (in one or <br />more series or which may be in the form of a <br />... <br />single debt instrument) (the "Bonds") <br />pursuant to the Act; <br /> <br />(c) The City desires to: facilitate <br />the development of rental housing within the <br />community; encourage the development of <br />affordable housing opportunities for <br />residents of the City; encourage the <br />