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NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR ISSUANCE OF MULTIFAMILY RENTAL HOUSING REVENUE BONDS (CENTENNIAL GARDENS PROJECT) Notice is hereby given that the City Council of the City of Roseville, Minnesota (the "City"), will meet at the City Hall, 2660 Civic Center Drive, in the City, at 6:00 p.m. on Monday, June 11, 2007, to consider the proposal of Gardens East Limited Partnership, a Minnesota limited partnership (the "Developer"), that the City undertake a housing program to finance a project hereinafter described by the issuance of revenue bonds of the City pursuant to Minnesota Statutes, Chapter 462C, as amended. The project consists of the acquisition, renovation and equipping of two 95-unit rental housing facilities for low and moderate income tenants located at 1420 Centennial Drive and 2825 North Pascal Street in the City (the "Project"). The Project will be owned and operated by the Developer (the "Borrower"). The estimated principal amount of Revenue Bonds to be issued in one or more series to finance the Project is $12,500,000. The Revenue Bonds or other obligations if and when issued will not constitute a charge, lien or encumbrance upon any property of the City except the project and the revenues to be derived from the Project, and such Revenue Bonds or obligations will not be a charge against the City's general credit or taxing powers but will be payable from sums to be paid by the Borrower pursuant to a revenue agreement. A copy of the housing program will be on file with the Manager at the City Hall Monday through Friday until the date of the Public Hearing. At the time and place fixed for the Public Hearing, the City Council of the City will give all persons who appear at the hearing an opportunity to express their views with respect to the proposal. In addition, interested persons may file written comments respecting the proposal with the Manager at or prior to such public hearing. 2027096v1