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Draft JOINT POWERS AND ALLOCATION AGREEMENT PROVIDING FOR THE ISSUANCE OF TAX EXEMPT LOAN PARTICIPATION NOTES TO FINANCE OR REFINANCE AN ELDERLY HOUSING AND HEALTH CARE FACILITY (PRESBYTERIAN HOMES OF NORTH OAKS, INC. PROJECT) THIS AGREEMENT is entered into as of the lst day of ,2004, among the City of North Oaks, Minnesota ("North Oaks"), the Town of White Bear, Minnesota, ("White Bear"), the City of Bayport, Minnesota ("Bayport") and the City of Roseville, Minnesota ("Roseville") (collectively, the "Municipalities," or individually, a"Municipality"). Each of the municipalities named above is a municipal corporation duly organized under the laws of the State of Minnesota. RECITALS A. Minnesota Statutes, Section 471.59 (the "Joint Powers Act") provides that two or more governmental units, by agreement entered into through action of their governing bodies, may jointly or cooperatively exercise any power common to the contracting parties, and may provide for the exercise of such power by one of the participating governmental units. B. Presbyterian Homes of North Oaks, Inc., a Minnesota nonprofit corporation ("Pres Homes") or a related entity (the "Company") proposes to undertake a project consisting of the (i) acquisition of land and site improvements and the construction and equipping of approximately 150 units of senior housing located at 5959 Centerville Road (at the intersection of Centerville Road and County Road J.) in North Oaks, consisting of 84 units designated as senior independent congregate housing, 66 units designated as assisted living, 72 senior independent housing units designated as "mews" in eight-plex buildings, 22 units designated as skilled nursing care beds, and also includes a wellness/fitness center and child daycare center; (ii) additional site improvements to the Boutwells Landing Continuing Care Retirement Community at the southwest corner of the intersection of Norwich Parkway and Nolan Parkway in the Municipality of Oak Park Heights, Minnesota, for general community uses and park facilities; and (iii) acquisition of approximately 22 acres of land in the Town of Baytown, Minnesota, adjacent to the existing Boutwells Landing Continuing Care Retirement Community in Oak Park Heights which will be developed in the future for additional senior housing (the "Project"), which will be located in North Oaks, the Town of Baytown and Oak Park Heights, Minnesota, but is expected to provided benefits to seniors residing in surrounding communities. C. The Company has proposed that the Municipalities enter into this agreement pursuant to the Joint Powers Act, pursuant to which North Oaks, on behalf of itself and the other Municipalities, will issue tax exempt revenue notes (the "Notes") under Minnesota Statutes, Chapter 462C and Section 469.152-1651 (collectively, the "Act") in an aggregate amount not to Ff3�:�� :�