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43 Location. This Program is limited to the Project. The Project is located at 1717 and 1743 <br /> 44 County Road C West, in Roseville, Minnesota. <br /> 45 Units. The Project is currently anticipated to consist of the following units: <br /> Units Number of Units Square Footage Estimated Initial <br /> Rents <br /> 1 BR/1 BA 43 723 $1,090 <br /> 2 BR/2 BA 119 1,050 $1,307 <br /> 3 BR/2 BA 66 1,260 $1,507 <br /> 46 <br /> 47 Revenue Bonds. The amount of revenue bonds required to finance this Program will not <br /> 48 exceed $48,000,000. The City preliminarily intends to finance the Program by issuing bonds, in <br /> 49 one or more series. The proceeds will finance the acquisition and construction of the Project and <br /> 50 pay costs of issuing the bonds. The revenue bonds are expected to be issued in 2019 and 2020, <br /> 51 subject to final Council approval in its sole and absolute discretion. <br /> 52 Monitoring. The City expects to enter into suitable agreements with the Borrower, the <br /> 53 purchaser of the bonds and/or others respecting the monitoring or implementation by participants <br /> 54 to ensure that the Project will be consistent with this housing Program and its objectives, which <br /> 55 for this purpose means providing affordable rental housing. <br /> 56 Meeting Needs; Methods. The Program will meet the need for rental housing for persons <br /> 57 and families of low and moderate incomes by providing units at an affordable rent. The City <br /> 58 believes that this Program will help meet the identified needs under this Program. The specific <br /> 59 methods anticipated to be used include the issuance of revenue bonds under the Act to provide <br /> 60 feasible financing for various aspects of the Program so undertaken. <br /> 61 Authorization. The Program is undertaken pursuant to Minnesota Statutes, Section <br /> 62 462C.05, Subdivision 2, for units affordable to persons and families of low and moderate income. <br /> 63 Limits on Gross Income. In connection with the issuance of the Bonds, the Borrower will <br /> 64 be required to agree to limit the gross income of occupants of the Project in accordance with the <br /> 65 requirements of Minnesota Statutes, Chapter 462C, and with the requirements relating to tax- <br /> 66 exempt bonds for qualified residential rental projects. <br /> 67 Adopted and approved on November 4,2019,by the City Council of the City of Roseville, <br /> 68 Minnesota. <br /> 2 <br /> 12119970v3 <br />