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RESOLUTION NO. 0]-23 RESOLUTION APPROVING THE ISSUANCE AND SALE OF THE $5,006,800 REVENUE NOTES, SERIES 200] (PRESBYTERIAN HOMES BLOOMINGTON CARE CENTER, INC. PROJECT) AND AUTHORIZING THE EXECUTION OF DOCUMENTS RELATING THERETO BE IT RESOLVED by the City Council of the City of Arden Hills, Minnesota (the "City"), as follows: SECTION I. LEGAL AUTHORIZATION AND FINDINGS. 1.1 Findings. The City hereby finds, determines and declares as follows: (a) The City has received a proposal that it issue its revenue notes in the aggregate principal amount of $5,006,800 to provide funds to be loaned to Presbyterian Homes Bloomington Care Center, Inc., a nonprofit corporation organized under the laws of the State of Minnesota (the "Borrower") to provide funds to finance the acquisition of approximately 39-45 cooperative senior housing units in the Gideon Pond Cooperative located at 9901 Penn Avenue South, Bloomington, Minnesota, to refinance the acquisition of its health care facilities known as the Bloomington Care Center, an 80-hed skilled nursing facility located at 401 W. 95th St., Bloomington, Minnesota and to refinance capital costs incurred by the Borrower and affiliated entities in connection with the Bloomington Care Center and the McKnight Care Center, a 208-bed nursing home facility located at 3220 Lake Johanna Boulevard, Arden Hills, Minnesota (collectively, the "Project"). The Borrower will initially be the owner and operator of the Bloomington Care Center and the Gideon Pond Cooperative units acquired as part of the Project and the McKnight Care Center is owned and operated by Presbyterian Homes of Arden Hills, Inc. All facilities will be initially managed by Presbyterian Homes Management and Services, Inc. (b) The City is a municipal corporation and a political subdivision of the State of Minnesota and is authorized under Minnesota Statutes, Section 469.152 to 469.1651, as amended (the "Industrial Development Act") to assist the revenue producing Project herein referred to, and to issue and sell the Notes, as hereinafter defined, for the purpose, in the manner and upon the tenns and conditions set forth in the Industrial Development Act and in this Resolution. (c) Minnesota Statutes, Chapter 462C (the "Housing Program Act") confers upon cities, the power to issue revenue bonds to finance a program for the purposes of planning, administering, making or purchasing loans with respect to one or more multifamily housing developments within its boundaries and the boundaries of the parties to a Joint Powers Agreement. (d) It is proposed that the City and the City of Bloomington, Minnesota enter into a Joint Powers Agreement (the "Joint Powers Agreement") pursuant to Minnesota Statutes, Section 471.59. 1 320443v2