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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF ROSEVILLE, MINNESOTA Pursuant to due call and notice thereof, a regular or special meeting of the City Council of the City of Roseville, Minnesota, was duly held in the City Hall in said City on Monday, May 18, 2009, commencing at 6:00 P.M. The following Councilmembers were present: Roe; Johnson; Ihlan; Pust & Klausing and the following were absent: none Member Roe introduced the following resolution and moved its adoption: RESOLUTION NO. 10706 RESOLUTION CALLING FOR A PUBLIC HEARING ON THE ISSUANCE OF HEALTH CARE AND HOUSING REVENUE REFUNDING BONDS AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING (EAGLECREST PROJECT) WHEREAS, Minnesota Statutes, Chapter 462C (the "Housing Program Act"), confers upon cities the power to issue revenue bonds to finance multifamily housing developments; and WHEREAS, Minnesota Statutes, Sections 469.152 through 469.1651, relating to municipal industrial development (the "Industrial Development Act"), gives municipalities the power to issue revenue obligations for the purpose of promoting the welfare of the state by providing necessary health care facilities, so that adequate health care services are available to residents of the state at reasonable cost; and WHEREAS, the City of Roseville, Minnesota (the "City"), has received from EagleCrest Senior Housing, LLC, a Minnesota limited liability company, the sole member of which is PHS/EagleCrest, Inc. a Minnesota nonprofit corporation, (the "Borrower"), a proposal that the City undertake a program to assist in financing a Project hereinafter described, through the issuance of approximately $23,500,000 of revenue bonds or other obligations (which may be issued in one or more series) (the "Bonds") pursuant to the Housing Program Act and the Industrial Development Act; and WHEREAS, the "Project" to be financed by the Bonds includes refunding the City's outstanding Senior Housing Refunding Revenue Bonds (EagleCrest Project), Series 2007, financing capital improvements to facilities owned and operated by the Borrower located in the City and refinancing taxable outstanding debt of the Borrower used to finance improvements to 2345187v2