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131 JOINT POWERS AGREEMENT
<br />132 PROVIDING FOR THE ISSUANCE OF A REVENUE NOTE TO
<br />133 FINANCE HOUSING FACILITIES
<br />134 (COVENTRY APARTMENTS PROJECT)
<br />135 THIS AGREEMENT is entered into as of the day of March, 2008,, by and between the
<br />136 City of Falcon Heights, Minnesota ("Falcon Heights"'), and the City of Roseville, Minnesota
<br />137 ("Roseville"' and collectively, the "Cities"', or individually, a "City"). The Cities are both
<br />138 municipal corporations duly organized under the laws of the State of Minnesota.
<br />139 1. Minnesota Statutes,, Section 471.59 the "Joint Powers Act" , provides that two or
<br />14O more governmental units, by agreement entered into through action of their governing bodies,
<br />141 may jointly or cooperatively exercise any power common to the contracting parties, and may
<br />142 provide for the exercise of such power by one of the participating governmental units.
<br />143 2. In connection with revenue bonds issued under Minnesota Statutes,, Chapter 4620
<br />144 the "Housing Programs Act"' )I,, Section 462C. 14,, Subd. 3 provides for joint action between cities
<br />145 pursuant to the Joint Powers Act.
<br />146 3. Snelling Apartments Limited Partnership, a Minnesota limited partnership, the
<br />147 "Borrower"'), has proposed that the Cities enter into this Agreement pursuant to the Housing
<br />148 Programs Act, pursuant to which Falcon Heights will issue revenue notes in one or more series
<br />149 (the (Note"'), in an aggregate principal amount not to exceed $,14,000,000 and loan the proceeds
<br />150 thereof to the Borrower to finance the project described in Paragraph 4. below.
<br />151 4. The project consists of the financing of the acquisition, renovation and equipping
<br />152 of a 196-unit multifamily rental housing facility located at 2820 Snelling Avenue North in
<br />153 Roseville (the "Project" 1-
<br />)1.
<br />154 5. The Borrower will be the owner and operator of the Project. The Borrower will
<br />155 be the obligor under the Note.
<br />156 6. Falcon Heights, the City issuing the Note,, has adopted a housing program (the
<br />157 "Program"'), which describes the housing development to be financed by the Borrower in the
<br />158 Cities.
<br />159 7. Each City has adopted a resolution (i) evidencing its intent to undertake the
<br />160 Program (if applicable), (ii) evidencing its intent to enter into this Agreement, and (iii) granting
<br />161 host approval (or, in the case of Falcon Heights, granting approval) of the issuance of the Note as
<br />162 required under the Internal Revenue Code of 1986, as amended.
<br />163 8. Falcon Heights shall exercise the powers of the Housing Programs Act by
<br />164 adopting, approving and executing such resolutions, documents, and agreements as shall be
<br />165 necessary or convenient to authorize, issue, and sell the Note and such other resolutions,
<br />166 documents,, and agreements as shall be necessary or required in connection with the issuance of
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