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RESOLUTION RECITING A PROPOSAL FOR A FINANCING PROGRAM FOR .A MUL'l'IFAMILY HOUSING DEVELOPMENT, GIVING PRELIMINARY APPROV,AL TO THE PROJECT PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, AUTHORIZING THE ISSUANCE OF HEAUTH CARE FACILITY REVENUE BONDS, AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS AND MATERIALS IN CONNECTION WITH THE PROJECT AND p~OGRAM (CARE INSTITUTE, INC. PROJECT) (a) WHEREAS, Minnesota statutes, Chapter 462C (the "Aot"), confers upon cities the power to issue revenue bonds to finanoQ a program for the purposes of planning, administerinq, making or purchasing loans with respeo~ to one or more ~ultifamily housino developments within the boundariec of the city; and (b) WHEREAS, the city of Roseville, Minnesota (the .'City"), has received from the Care Institute, Inc., an Indiana nonprofit corporation (the "Company"), a proposal that the City undertake a proqram to finance a Project hereinafter described, through the issuance of revenue bonds or oQ1iqations,in one or more series (the "Bonds") pursuant to the Act, and (0) WHEREAS, the City desires to: facilitate the d.velo~ent of rental housing and an existing health care facility within the community; encour~ge the development of affordable housing opportunities for residents of the city, encourage the developMent of housinq facilities designed for occupancy primarily by elderly person$; and encourage the development of underuti1ized land within the boundaries of the city, and the Project will assist the City in achieving these objectives; and (d) WHEREAS, the Company is currently engaged in the business of operating a nursing home; the Projeot to be financed by the Bond~ is the renovation of the existing multifamily rental housing development for the olderly and the acquisition, construction and equipping of a 38 unit addition thereto on 1.3 acres of additional land to be acquired adjoining said dove1opment, along with related improvements. The Project is looated at 2750 North Victoria Street in the city Of Rosevi11e, Minnesota (the "Project"), and will result in the provision of additional rental housinq oppor~unitie8 to persons within the community; and (e) WHEREAS, the City has been advised by representatives of the company that conventional, commercial financing to pay the capital costs of the project is available only on a limited basis and at such high costs of borrowing that the economic feasibility of operating the Project would be signifioantly reduced: and the 245954 2 10 39tjd ,l'OH ZZ:~l :LG.'St'S0((J3PI) dS Htj9~OW S99I~a wo~~ ..... ,