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<br />Company has also advised the City that with the aid of municipal <br />financing, and resulting low borrowing costs, the Project is <br />economically more feasible; and <br /> <br />(f) WHEREAS, no public official of the City has either a <br />direct or indirect financial interest in the Project nor will any <br />public official either directly or indirectly benefit financially <br />from the project: <br /> <br />NOW THEREFORE, BE IT RESOLVED by the City Council of the <br />City of Roseville, Minnesota, as follows: <br /> <br />1. Preliminary Approvals. The City hereby gives <br />preliminary approval to the proposal of the Company that the City <br />undertake the Project described above and the program of <br />financing therefor, consisting of the renovation, acquisition, <br />construction and equipping of a development consisting of a <br />combination of multifamily housing and an existing health care <br />facility within the City pursuant to the Company's specifications <br />and pursuant to a revenue agreement between the City and Company <br />containing such terms and conditions (with provisions for <br />revision from time to time as necessary) as may be necessary to <br />produce income and revenues sufficient to pay, when due, the <br />principal and interest on the Bonds in a total principal amount <br />not to exceed $16,000,000, to be issued pursuant to the Act to <br />finance the renovation, acquisition, construction and equipping <br />of the Project. <br /> <br />2. Financinq Structure. At the option of the Company, the <br />financing may be structured so as to take advantage of whatever <br />means are available and are permitted by law to enhance the <br />security for, or marketability of, the Bonds; provided that any <br />such financing structure must be consented to by the City. <br /> <br />3. Findings. On the basis of information available to the <br />City it appears, and the City hereby finds, determines and <br />declares: (1) that the Project constitutes a multifamily housing <br />development within the meaning of Subdivision 7 of Section <br />462C.05 of the Act and consists of a combination of a multifamily <br />housing development and a new or existing health care facility, <br />as defined by Minnesota Statutes, Section 469.153; (2) that the <br />multifamily housing development is designed and intended to be <br />used for rental occupancy; (3) that the multifamily housing <br />development is designed and intended to be used primarily by <br />elderly or physically handicapped persons; (4) that nursing, <br />medical care, and other health related assisted living services <br />will be available on a 24-hour basis in the development to the <br />residents; (5) that the Project will be primarily occupied by <br />elderly persons; (6) that the availability of the financing under <br />the Act and the willingness of the City to furnish such financing <br />will be a substantial inducement to the Company to undertake the <br />Project; and (7) that the effect of the Project, if undertaken, <br /> <br />245954 <br /> <br />3 <br />