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<br />Resolution 10513
<br />RESOLUTION APPROVING A HOUSING PROGRAM,
<br />AUTHORIZING THE ISSUANCE AND SALE OF $12,500,000
<br />MULTIF AMIL Y HOUSING REVENUE BONDS, SERIES 2007
<br />(CENTENNIAL APARTMENTS PROJECT) TO FINANCE A PROJECT AND
<br />AUTHORIZING THE EXECUTION OF DOCUMENTS RELATING THERETO
<br />
<br />WHEREAS, the City Council of the City of Roseville, Minnesota (the "City"), has given
<br />preliminary approval on May 7, 2007, to the issuance of up to $12,500,000 of multifamily
<br />housing revenue obligations to finance a project (the "Project" as defined in paragraph 1 below)
<br />for Gardens East Limited Partnership, a Minnesota limited partnership (the "Borrower"); and
<br />
<br />WHEREAS, pursuant to Minnesota Statutes, Section 462C.Ol, the City has prepared a
<br />housing program (the "Housing Program") in connection with the Project; and
<br />
<br />WHEREAS, in accordance with Minnesota Statutes, Section 462C.04, subd. 2, the
<br />Housing Program has been submitted to the Metropolitan Council for review; and
<br />
<br />WHEREAS, in accordance with Minnesota Statutes, Section 462C.04, subd. 2, the City
<br />has held a public hearing on the Housing Program and the issuance of revenue bonds of the City
<br />to finance the Project.
<br />
<br />NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Roseville,
<br />Minnesota, as follows:
<br />
<br />1. The City is a municipal corporation and political subdivision of the State of
<br />Minnesota and is authorized under Minnesota Statutes, Chapters 462C, as amended (the "Act"),
<br />to assist the multifamily housing development herein referred to, and to issue and sell the Bonds,
<br />as hereinafter defined, for the purpose, in the manner and upon the terms and conditions set forth
<br />in the Act and in this Resolution.
<br />
<br />2. The City has received a proposal that it issue its Multifamily Housing Revenue
<br />Bonds (Centennial Apartments Project), Series 2007, in an amount not to exceed $12,500,000
<br />(the "Bonds") to provide funds to be loaned to the Borrower to finance the acquisition,
<br />rehabilitation and equipping of two 95-unit rental housing facilities (an aggregate of 190 units)
<br />for low and moderate income tenants located at 1420 Centennial Drive and 2825 North Pascal
<br />Street in the City (the "Project").
<br />
<br />3. It is proposed that, pursuant to a Loan and Financing Agreement dated as of June
<br />1,2007 between the City and the Borrower (the "Loan Agreement"), the City loan the proceeds
<br />of the Bonds to the Borrower to finance the Project. The Borrower has agreed to repay the
<br />Bonds in specified amounts and at specified times sufficient to pay in full when due the principal
<br />of, premium, if any, and interest on the Bonds. In addition, the Loan Agreement contains
<br />provisions relating to the rehabilitation, maintenance and operation of the Project,
<br />indemnification, insurance, and other agreements and covenants which are required or permitted
<br />by the Act and which the City and Borrower deem necessary or desirable for the financing of the
<br />Project. It is further proposed that the City assign its rights to the payments made by the
<br />Borrower under the Loan Agreement, the Promissory Note from the Borrower to the City (the
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