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NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Roseville, Minnesota, as follows: 1. Preliminary Approval. The City hereby gives preliminary approval to the Developer's proposal that the City undertake the Project, and the program of financing therefor, pursuant to Minnesota Statutes, Chapter 462C. The Project will be undertaken pursuant to a revenue agreement between the City and Developer. The Bonds would be issued in one series pursuant to the Act to finance the acquisition, renovation and equipping of the Project. Said agreement may also provide for the entire interest of the Developer therein to be mortgaged to the purchasers of the Bonds. 2. Findings. On the basis of information provided by the Developer to the City it appears, and the City Council hereby finds, that: (1) the Project constitutes a multi-family housing development within the meaning of Subdivision 5 of Section 462C.02 of the Act and will be occupied, in part, by persons of low and moderate income; (2) the availability of financing under the Act and the willingness of the City to furnish such financing will be a substantial inducement to the Developer to undertake the Project; and (3) the effect of the Project, if undertaken, will be to encourage the provision of multi-family rental housing opportunities to residents of the City, and to assist in the maintenance in the quality of existing housing within the City. 3. Subiect to Final Approval. The Project, and the program to finance the Project by the issuance of revenue bonds, are hereby given preliminary, non-binding approval by the City, subject to final approval by the City in its absolute discretion, by the Developer and by the purchasers of the Bonds as to ultimate details of the financing for the Project. 4. Costs Paid by Developer. The Developer has agreed, and it is hereby determined, that any and all costs incurred by the City in connection with the financing for the Project, whether or not the Project is carried to completion and whether or not the Bonds are issued, will be paid by the Developer. 5. Revenue Bonds. Nothing in this resolution or in the documents prepared pursuant hereto shall authorize the expenditure of any municipal funds on the Project other than the revenues derived from the Project or otherwise granted to the City for this purpose. The Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property or funds of the City, except the revenues and proceeds pledged to the payment thereof, and the City shall not be subject to any liability thereon. The holders of the Bonds shall never have the right to compel any exercise of the taxing power of the City to pay the outstanding principal on the Bonds or the interest thereon, or to enforce payment thereof against any property of the City. The Bonds shall recite in substance that the Bonds, including interest thereon, are payable solely from the revenue and proceeds pledged to the payment thereof. The Bonds shall not constitute a general or moral obligation of the City or a debt of the City within the meaning of any constitutional or statutory limitation. 6. Proiect Costs and Reimbursements. In anticipation of final approval of the issuance of the Bonds to finance all or a portion of the Project, and in order that completion of the Project will not be unduly delayed when approved, the Developer, at its sole risk and 2019195vl 3