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<br />RESOLUTION NO. <br /> <br />8591 <br /> <br />RESOLUTION GIVING PRELIMINARY APPROVAL TO A <br />PROJECT ON BEHALF OF THE LONG TERM CARE <br />FOUNDATION AND ITS FINANCING UNDER THE MINNESOTA <br />MUNICIPAL INDUSTRIAL DEVELOPMENT ACT; REFERRING <br />THE PROPOSAL TO THE MINNESOTA DEPARTMENT OF TRADE <br />AND ECONOMIC DEVELOPMENT FOR APPROVAL; AND <br />AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS <br /> <br />BE IT RESOLVED by the City Council of the City of <br />Roseville, Minnesota (the City), as follows: <br /> <br />SECTION 1 <br /> <br />Recitals and Findinqs <br /> <br />1.1. This Council has received a proposal that the City <br />finance a portion or all of the cost of a proposed project <br />under Minnesota Statutes, Sections 469.152 through 469.165 (the <br />Act), on behalf of The Long Term Care Foundation, a Tennessee <br />nonprofit corporation (the Borrower), consisting generally of <br />financing the acquisition of and certain improvements to an <br />existing nursing home facility, commonly known as Lake Ridge <br />Health Care Center located at 2727 North Victoria in the city <br />(the Project). <br /> <br />1.2. At a public hearing, duly noticed and held on July 23, <br />1990, in accordance with the Act and Section 147(f) of the <br />Internal Revenue Code of 1986, on the proposal to undertake and <br />finance the Project, all parties who appeared at the hearing <br />were given an opportunity to express their views with respect <br />to the proposal to undertake and finance the Project. <br />Interested persons were also given the opportunity to submit <br />written comments to the City Manaqer before the time of <br />the hearing. Based on the public hearing, such written <br />comments (if any) and such other facts and circumstances as <br />this Council deems relevant, this Council hereby finds, <br />determines and declares as follows: <br /> <br />(a) The welfare of the State of Minnesota requires <br />the provision of necessary health care facilities to the end <br />that adequate health care services be made available to <br />residents of the State of Minnesota at reasonable cost, and the <br />State of Minnesota has encouraged local government units to act <br />to provide such facilities. <br /> <br />(b) The undertaking of the Project would further the <br />general purposes contemplated and described in Section 469.152 <br />of the Act. <br /> <br />4238F <br />