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PROGRAM FOR FINANCING <br />A MULTIF'AMII,Y RENTAL HOUSING DEVELOPMENT <br />Proposal Authoritv. Pursuant to Minnesota Statutes, Chapter 462C (the "Act") the City <br />of Roseville (the "City") is authorized to develop and administer programs of multifamily <br />housing developments under the circumstances and within the limitations set forth in the Act. <br />Minnesota Statutes, Section 462C.07 provides that such programs for Minnesota family housing <br />developments may be financed by revenue bonds issued by the City. This housing finance <br />program (this "Program") is undertaken by the City to finance a Project (as hereafter described) <br />to he developed and owned by Gardens East Limited Partnership, a Minnesota limited <br />partnership (the "Company"). The City expects to issue multifamily housing development <br />revenue bonds (the "Bonds") pursuant to Minnesota Statutes, Chapter �62C, to assist in <br />financing the Proj ect. <br />General Description of the ProQram and Location. The City anticipates loaning the <br />proceeds of the Bonds to the Company to finance the acquisition and renovation of a 95 unit <br />multifamily rental facility located in the City at 1420 Centennial Drive (the "Project"). When the <br />renovation is completed there will be the following units at the following estimated rents: 1 <br />three-bedroom ($1,075-$1,100); 39 two-bedroom ($850); and 55 efficiency or one-bedroom <br />($525-$550). <br />Operation of Proi�ct. The Project will be operated in accordance with applicable <br />development restrictions, and all rehabilitation will be subj ect to applicable state and local <br />building codes. The affordability standards and set-aside requirements of Section 462C.05, <br />Subdivision 2 of the Act, and the requirements of Minnesota Statutes �74�. and Section 142(d} <br />of the Internal Revenue Code of 1986, as amended (the "Code"), will be met. The Company will <br />be required to operate the Project in accordancewith state and local anti-discriminationlaws and <br />ordinances. <br />Revenue Bonds. The Company has indicated that the amount of Bonds required to <br />finance the Project is approximately $6,000,000 which will mature in approximately 37 years. <br />The proceeds will finance the acquisition and renovation of the Project and pay certain costs of <br />issuing the Bonds, and may be used to establish a reserve. Tax credit equity is also expected to <br />provide financing for the Proj ect. <br />LL7 L�il <br />