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EXTRACT OF MINUTES OF A MEETING <br /> OF THE CITY COUNCIL <br /> OF THE CITY OF ROSEVILLE, MINNESOTA <br /> Pursuant to due call and notice thereof, a regular meeting of the City Council of the City <br /> of Roseville,Minnesota,was duly called and held at the City Hall in said City on Monday,the 15th <br /> day of July, 2019, at 7:00 p.m. <br /> The following members were present: Etten, Willmus, Laliberte, Groff, and Roe <br /> and the following were absent: None <br /> Member Willmus introduced the following resolution and moved for its adoption: <br /> RESOLUTION NO. 11621 <br /> RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR A HOUSING <br /> FINANCE PROGRAM AND GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF <br /> HOUSING FACILITY REVENUE BONDS TO FINANCE A MULTIFAMILY HOUSING <br /> PROJECT PURSUANT TO MINNESOTA LAW, AND AUTHORIZING <br /> THE PUBLICATION OF A NOTICE OF THE HEARING <br /> (TWIN LAKES SENIOR APARTMENTS PROJECT) <br /> A. WHEREAS,Minnesota Statutes,Chapter 462C(the"Act"),confers upon cities,the <br /> power to issue revenue obligations to finance multifamily housing developments within the <br /> boundaries of the city; and <br /> B. WHEREAS, the City Council of the City of Roseville, Minnesota(the "City") has <br /> received a proposal from Roseville Leased Housing Associates II, LLLP, a Minnesota limited <br /> liability limited partnership (the "Borrower"), with Roseville Leased Housing Associates II, LLC, <br /> a Minnesota limited liability company, as general partner,that the City assist in financing a Project <br /> hereinafter described,through the issuance of revenue bonds or obligations(in one or more series) <br /> (the "Bonds") to be issued in 2019 and/or 2020 pursuant to the Act; and <br /> C. WHEREAS, the City desires to facilitate the maintenance and development of <br /> multifamily rental housing within the community; encourage the development of affordable <br /> housing opportunities for residents of the City; encourage the development and maintenance of <br /> housing facilities designed for occupancy by low- and moderate-income households and by the <br /> elderly; and encourage the development of blighted or underutilized land and structures within the <br /> boundaries of the City; and the Project will assist the City in achieving these objectives; and <br /> D. WHEREAS,the Project to be financed by the Bonds consists of the acquisition and <br /> construction of an approximately 300,560 square-foot rentable apartment community that will <br /> consist of an approximately 252-unit multifamily housing development for elderly heads of <br /> 11854063v2 <br />