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WHEREAS, pursuant to Section 462C.05 of the Housing Act, prior to issuance of the bonds by
<br />the City, a housing program with respect to the Project (the "Program ") must be prepared and must be
<br />adopted by the City Council of the City after a public hearing on the Program following one publication
<br />of a notice in a newspaper circulating generally in the City at least fifteen (15) days before the public
<br />hearing; and
<br />WHEREAS, on or before the day the notice of public hearing is published, the Program must be
<br />submitted to the Metropolitan Council for its review and comments as to whether the Program furthers
<br />local and regional housing policies; and
<br />WHEREAS, a Housing Program for a Multifamily Housing Development (the "I-Iousing
<br />Program ") with respect to the Project and the issuance of revenue obligations to finance the Housing
<br />Program and the Project was prepared pursuant to the requirements of Section 462C.03, subdivision la,
<br />of the Housing Act, and is on file with the City; and
<br />WHEREAS, the Housing Program was submitted to the Metropolitan Council for its review and,
<br />in accordance with the requirements of the Housing Act, a comment letter dated July 11, 2011, with
<br />respect to the Housing Program, was received from the Metropolitan Council; and
<br />WHEREAS, a notice of the public hearing on the Housing Program was published on September
<br />13, 2011 in the Roseville- Little Canada Press, a newspaper of general circulation in the City; and
<br />WHEREAS, on the date hereof, the City has held a public hearing on the Housing Program; and
<br />WHEREAS, Minnesota Statutes, Section 471.656 provides that a city may issue bonds for a
<br />project located outside of its jurisdiction upon the consent of the city in which the project is located; and
<br />WHEREAS, the City of Arden Hills has granted its consent to the City to issue the bonds as
<br />requested by the Borrower; and
<br />WHEREAS, the Borrower has requested that the City issue the following revenue obligations of
<br />the City for the benefit of the Borrower: (i) Senior Housing Revenue Note (Presbyterian Homes of Arden
<br />Hills, Inc. Project), Series 201113 (the "Series 20118 Note "), in the original aggregate principal amount of
<br />$10,000,000; and (ii) Senior Housing Revenue Note (Presbyterian Homes of Arden Hills, Inc. Project),
<br />Series 201213 (the "Series 201213 Note "), in the original aggregate principal amount of $2,000,000; and
<br />WHEREAS, the proceeds derived from the sale of the Series 201113 Note are proposed to be
<br />applied to make a loan (the "Series 2011B Loan ") to the Borrower pursuant to the terms of a Loan
<br />Agreement, to be dated on or after September 1, 2011 (the "Series 201113 Loan Agreement "), between the
<br />City and the Borrower; and
<br />WHEREAS, the proceeds derived from the sale of the Series 201213 Note are proposed to be
<br />applied to make a loan (the "Series 2012B Loan") to the Borrower pursuant to the terms of a Loan
<br />Agreement, to be dated on or after January 1, 2012 (the "Series 2012B Loan Agreement "), between the
<br />City and the Borrower; and
<br />WHEREAS, the Borrower has requested that the City of Arden Hills, Minnesota (the "Second
<br />Issuer ") issue one or more revenue obligations, in an original, aggregate principal amount not to exceed
<br />$20,000,000 (the "Additional Notes "), and loan the proceeds derived from the sale of the Additional
<br />Notes to the Borrower pursuant to one or more loan agreements, and apply the proceeds derived from
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