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EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF ROSEVILLE * * * * * * * * * * * * * Pursuant to due call and notice thereof, a meeting ofthe City Council ofthe City ofRoseville, County of Ramsey, Minnesota was duly held on the 14th day of November, 1994 at 5:30 P.M. The following members were present: Mastel, Goedeke, P. Johnson, Wiski, and V. Johnson, and the following were absent: None. Member Wiskiintroduced the following resolution and moved its adoption: RESOLUTION NO. 9133 RESOLUTION RECOMMENDING CALmRE RIDGE HOMESTEAD CLASSIFICA TION WHEREAS, Calibre Ridge Limited Partnership has applied for "leasehold cooperative status" for the 49 rental townhome units located at Rice and Highway 36, on 4.41 acres; and WHEREAS, the impact of such "leasehold cooperative status" is to reduce the cost of housing for low and moderate income residents by classifying the leasehold cooperative as homestead under provisions of the Minnesota Property Tax Law; and WHEREAS, based on the findings of the Ramsey County Attorney (letter of August 17, 1994), the City has found: 1) that the granting of the homestead treatment of the apartment's units will facilitate safe, clean, affordable housing for the cooperative members that would otherwise not be available absent the homestead classification; 2) that the owner has presented information satisfactory to the City showing that the savings garnered from the homestead classification on the units will be used to reduce tenant's rents or provide a level of furnishing or maintenance not possible absent the homestead classification; and 3) that the cooperative association must have a lease for occupancy of the property for a term of at least 20 years, which permits the cooperative association, while not in default on the lease, to participate materially in the management of the property, including material participation in establishing budgets, setting rent levels, and hiring and supervising a management agent; and