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<br />RESOLUTION RECITING A PROPOSAL <br />FOR A FINANCING PROGRAM FOR A MULTIFAMILY HOUSING <br />DEVELOPMENT, GIVING PRELIMINARY APPROVAL TO THE PROJECT <br />PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, <br />AUTHORIZING THE ISSUANCE OF HEALTH CARE FACILITY <br />REVENUE BONDS, AND AUTHORIZING THE <br />PREPARATION OF NECESSARY DOCUMENTS AND MATERIALS IN <br />CONNECTION WITH THE PROJECT AND PROGRAM <br /> <br />(CARE INSTITUTE, INC. PROJECT) <br /> <br />(a) WHEREAS, Minnesota Statutes, Chapter 462C (the "Act"), <br />confers upon cities the power to issue revenue bonds to finance a <br />program for the purposes of planning, administering, making or <br />purchasing loans with respect to one or more multifamily housing <br />developments within the boundaries of the city; and <br /> <br />(b) WHEREAS, the City of Roseville, Minnesota (the "City"), <br />has received from the Care Institute, Inc., an Indiana nonprofit <br />corporation (the "Company"), a proposal that the City undertake a <br />program to finance a Project hereinafter described, through the <br />issuance of revenue bonds or obligations in one or more series <br />(the "Bonds") pursuant to the Act; and <br /> <br />(c) WHEREAS, the City desires to: facilitate the <br />development of rental housing and an existing health care <br />facility within the community; encourage the development of <br />affordable housing opportunities for residents of the city; <br />encourage the development of housing facilities designed for <br />occupancy primarily by elderly persons; and encourage the <br />development of underutilized land within the boundaries of the <br />City; and the Project will assist the City in achieving these <br />objectives; and <br /> <br />(d) WHEREAS, the Company is currently engaged in the <br />business of operating a nursing home; the Project to be financed <br />by the Bonds is the renovation of the existing multifamily rental <br />housing development for the elderly and the acquisition, <br />construction and equipping of a 38 unit addition thereto on 1.3 <br />acres of additional land to be acquired adjoining said <br />development, along with related improvements. The Project is <br />located at 2750 North victoria Street in the city of Roseville, <br />Minnesota (the "Project"), and will result in the provision of <br />additional rental housing opportunities to persons within the <br />community; and <br /> <br />(e) WHEREAS, the City has been advised by representatives <br />of the Company that conventional, commercial financing to pay the <br />capital costs of the Project is available only on a limited basis <br />and at such high costs of borrowing that the economic feasibility <br />of operating the Project would be significantly reduced; and the <br /> <br />245954 <br /> <br />2 <br />