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Resolution No. 10499 RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR THE ISSUANCE OF REVENUE BONDS TO FINANCE A HOUSING PROJECT (CENTENNIAL GARDENS PROJECT) PURSUANT TO MINNESOTA LAW, AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING (a) WHEREAS, Minnesota Statutes, Chapter 462C (the "Act"), confers upon cities, the power to issue revenue bonds to finance multifamily housing developments within the boundaries of the city; and (b) WHEREAS, the City Council of the City of Roseville, Minnesota (the "City"), has received from Gardens East Limited Partnership, a Minnesota limited partnership (the "Developer"), a proposal that the City assist in financing a Project hereinafter described, through the issuance of a revenue bonds or obligations (in one or more series) (the "Bonds") pursuant to the Act; and (c) WHEREAS, before proceeding with consideration of the request of the Developer it is necessary for the City to hold a public hearing on the proposal pursuant to the Act and the Internal Revenue Code of 1986, as amended: NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Roseville, Minnesota, as follows: 1. A public hearing on the proposal of the Developer will be held at the time and place set forth in the attached form of Notice of Public Hearing. 2. The general nature of the proposal and an estimate of the principal amount of Bonds to be issued to finance the proposal are described in the attached form of Notice of Public Hearing. 3. The Manager is hereby authorized and directed to cause notice of the hearing to be given by publication in the official newspaper of the City and a newspaper of general circulation available in the City, not less than 15 days nor more than 30 days prior to the date fixed for the hearing, substantially in the form of the attached Notice of Public Hearing. Adopted on May 7, 2007, by the Roseville City Council. ATTEST: t„os~.~ m J. Malinen, City Manager raig D. Klausing, Ma r 2027096v1 2