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