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RESOLUTION NO. 2020-09-108 RESOLUTION RELATING TO FINANCING SENIOR LIVING DEVELOPMENTS UNDER MINNESOTA STATUTES, CHAPTER 462C; CALLING A PUBLIC HEARING THEREON BE IT RESOLVED by the City Council of the City of Little Canada, Minnesota (the “City”), as follows: Section 1. Recitals. 1.1. The City is authorized by Minnesota Statutes, Chapter 462C, as amended (the “Act”), to adopt a program to finance multifamily housing and healthcare facilities within its boundaries. 1.2. The City has been requested to conduct a public hearing on a proposal that the City grant host city approval to the issuance by the City of Deephaven, Minnesota (the “Issuer” or “Deephaven”), of its taxable and/or tax-exempt revenue bonds in a principal amount not to exceed $55,000,000 (the “Bonds”), on behalf of State Housing Holdings of Minnesota, LLC, a Wyoming limited liablity company (the “Borrower”), the sole member of which is State Housing & Community Services Corporation, a California nonprofit public benefits corporation. Proceeds of the Bonds will be loaned to the Borrower and applied to finance or refinance costs of acquisition, construction and/or improvement, of new and existing senior living facilities located in the City, and in the cities of Inver Grove Heights, North St. Paul, Roseville and Vadnais Heights, Minnesota (each a “Facility,” and collectively, the “Facilities”). 1.3. The Facility located in the City consists of an existing 32-unit senior housing facility located at 2740 Rice Street (the “Little Canada Facility”). The Little Canada Facility will be owned and operated by the Borrower. 1.4. In connection with the issuance of the Bonds, and pursuant to the Act, the City has developed and there is attached as Exhibit A hereto a Housing Program (the “Housing Program”). Section 2. Public Hearing. 2.1. The Act provides that the City may adopt the Housing Program upon the conditions specified in the Act, including the holding of a public hearing following not fewer than fifteen (15) days’ published notice. 2.2. Section 147(f) of the Internal Revenue Code of 1986, as amended, and regulations thereunder, further requires that, as a condition to the exemption from federal income taxation of interest on all or a portion of the Bonds, a public hearing be conducted by the City on the proposed issuance of the Bonds by the Issuer. 2.3. A public hearing on the Housing Program and the issuance of the Bonds is hereby called and shall be held on Wednesday, October 14, 2020 at 7:30 P.M. at the City Hall.