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Company has also advised the city that with the aid of municipal financing, and resulting low borrowing costs, the Project is economically more feasible; and (f) WHEREAS, no public official of the city has either a direct or indirect financial interest in the Project nor will any public official either directly or indirectly benefit financially from the Project: NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Roseville, Minnesota, as follows: 1. preliminarv ADDrovals. The City hereby gives preliminary approval to the proposal of the Company that the city undertake the Project described above and the program of financing therefor, consisting of the renovation, acquisition, construction and equipping of a development consisting of a combination of multifamily housing and an existing health care facility within the City pursuant to the Company's specifications and pursuant to a revenue agreement between the City and Company containing such terms and conditions (with provisions for revision from time to time as necessary) as may be necessary to produce income and revenues sufficient to pay, when due, the principal and interest on the Bonds in a total principal amount not to exceed $16,000,000, to be issued pursuant to the Act to finance the renovation, acquisition, construction and equipping of the Project. 2. Financing Structure. At the option of the Company, 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 consented to by the City. 3. Findinas. On the basis of information available to the city it appears, and the City hereby finds, determines and declares: (1) that the project constitutes a multifamily housing development within the meaning of Subdivision 7 of section 462C.05 of the Act and consists of a combination of a multifamily housing development and a new or existing health care facility, as defined by Minnesota Statutes, Section 469.153; (2) that the multifamily housing development is designed and intended to be used for rental occupancy; (3) that the multifamily housing development is designed and intended to be used primarily by elderly or physically handicapped persons; (4) that nursing, medical care, and other health related assisted living services will be available on a 24-hour basis in the development to the residents; (5) that the Project will be primarily occupied by elderly persons; (6) that the availability of the financing under the Act and the willingness of the City to furnish such financing will be a substantial inducement to the Company to undertake the Project; and (7) that the effect of the Project, if undertaken, 245954 3