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<br />RESOLUTION RECITING A PROPOSAL FOR A <br />FINANCING PROGRAM FOR A MULTI-FAMILY RENTAL <br />HOUSING DEVELOPMENT PROJECT, GIVING PRELIMINARY <br />APPROVAL TO THE PROJECT AND THE ISSUANCE OF HOUSING FACILITIES <br />REVENUE BONDS, PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, <br />AND AUTHORIZING THE PREPARATION OF A HOUSING PROGRAM <br />(COLLEGE PROPERTIES, INC. PROJECT) <br /> <br />WHEREAS, <br /> <br />(a) Minnesota Statutes, Chapter 462C (the "Act") <br />confers upon cities, the power to issue revenue bonds <br />to finance a program for the purposes of planning, <br />administering, making or purchasing loans with respect <br />to one or more mUlti-family housing developments within <br />the boundaries of the city; <br /> <br />(b) The City of Roseville, Minnesota (the <br />"City"), has received from College Properties, Inc. <br />(the "Developer") a proposal that the City undertake a <br />program to finance a Project hereinafter described, <br />through the issuance of revenue bonds or obligations <br />(in one or more series) (the "Bonds") pursuant to the <br />Act; <br /> <br />(c) The City desires to facilitate the <br />development of rental housing within the community; <br />encourage the development of affordable housing <br />opportunities for residents of the City; encourage the <br />development of housing facilities designed for <br />occupancy by elderly persons; and encourage the <br />development of blighted or underutilized land and <br />structures within the boundaries of the City; and the <br />Project will assist the City in achieving these <br />objectives; <br /> <br />(d) The "Project" to be financed by the Bonds is <br />the acquisition of land, construction and installation <br />of a 127 unit senior independent living facility, a 91 <br />unit senior assisted living facility and related <br />equipment and improvements to be located at the <br />southwest quadrant of the intersection of Snelling <br />Avenue North and Lydia Avenue, in the City of <br />Roseville, and consists of the construction and <br />equipping of buildings thereon which will result in the <br /> <br />244231 <br /> <br />2 <br />