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RESOLUTION NO. 9964 RESOLUTION RECITING A PROPOSAL FOR A PRIV ATE SCHOOL FACILITY PROJECT PURSUANT TO MINNESOTA LAW, GIVING PRELIMINARY APPRO V AL TO THE PROJECT AND THE ISSUANCE OF REVENUE BONDS, AUTHORIZING THE SUBMISSION OF AN APPLICATION FOR APPROVAL TO THE DEPARTMENT OF TRADE AND ECONOMIC DEVELOPMENT, CALLING FOR A PUBLIC HEARING, AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING (CONCORDIA ACADEMY INFORMATION/TECHNOLOGY ADDITION) (a) WHEREAS, Minnesota Statutes, Sections 469.152 through 469.165 (the "Act"), gives municipalities the power to issue revenue bonds for the purpose of the encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment; and (b) WHEREAS, factors necessitating the active promotion and development of economically sound industry and commerce are the increasing concentration of population in the metropolitan areas and the rapidly rising increase in the amount and cost of governmental services required to meet the needs of the increased population and the need for development of land use which will provide an adequate tax base to finance these increased costs and access to employment opportunities for such population; and (c) WHEREAS, the City Council of the City ofRoseville, Minnesota (the "City"), has received from either The Lutheran High School Association of St. Paul or St. Paul Lutheran High School Association d/b/a Concordia Academy, a 501(c)(3) non-profit Minnesota corporation (the "Corporation"), a proposal that the City assist in financing a project hereinafter described, through the issuance of its private school facility revenue bonds (which may be in the form of a single debt instrument) (the "Bonds") pursuant to the Act; and (d) WHEREAS, the City desires to facilitate the selective development of the community, promote school educational services for students, retain and improve the tax base and help to provide the range of services and employment opportunities required by the population; and the Project will assist the City in achieving those objectives and will enhance the image and reputation of the community; and (e) WHEREAS, the Corporation is currently engaged in the business of providing school education for students. The Project to be financed by the Bonds is the refunding of an existing mortgage note which financed improvements to the Corporation's facilities and also the construction and equipping of an approximately 25,560 square foot three- level/two-story addition to the east-side of the existing high school building consisting of an information/technology center to house the existing distance learning lab, internet lab, language lab, and the special needs classroom; with lower level locker rooms; and an elevator, for students in grades 9 through 12. The addition, like the facilities financed by the obligation to be refunded, is located at 2400 North Dale Street in the City. The Project will be owned and operated by the Corporation; and (t) WHEREAS, the City has been advised by representatives of the Corporation that conventional, commercial financing to pay the capital cost of the Project is available only on a limited basis and at such high costs of borrowing that the economic 1342189v2