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RESOLUTION RECITING A PROPOSAL FOR A SENIOR HOUSING DEVELOPMENT PROJECT, TAKING OFFICIAL ACTION WITH RESPECT THERETO, AND INDICATING PRELIMINARY INTENT TO ASSIST THE FINANCING OF THE PROJECT PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C WHEREAS, (a) The City is authorized pursuant to Minnesota Statutes, Chapter 462C, as amended (the "Act ") to finance the making or purchasing of loans with respect to multi - family senior housing developments within the boundaries of the City of Little Canada (the "City "); (b) The frill faith and credit of the City will not be pledged to the payment of the principal of premium, if any, and interest on the Revenue Bonds; (c) The City has received a proposal from Sherman Associates, Inc., a Minnesota corporation, on behalf of The Lodge at Little Canada Limited Partnership, a limited partnership to be formed (the "Borrower "), that the City assist in financing a Project hereinafter described, through the issuance of Revenue Bonds in the maximum aggregate principal amount of $10,000,000 (hereinafter referred to in this resolution as "Revenue Bonds ") pursuant to the Act and in accordance with a housing finance program prepared with respect to the Project (the "Housing Program "); (d) The undertaking of the proposed Housing Program and the issuance of the Revenue Bonds to finance the cost thereof will further promote the public purposes and legislative objectives of the Act by expanding and assisting the multi - family housing operations of the Borrower in the City; (e) The Project to be financed by the Revenue Bonds is the acquisition, construction and equipping of a 79 unit housing facility to be known as The Lodge at Little Canada and to be located at the northeast corner of the intersection of Rice Street and Little Canada Road in the City (the "Project "). (t) The City has been advised by representatives of the Borrower that conventional, commercial financing to pay the capital cost of the Project is available only on a limited basis and at such high costs of borrowing that the economic feasibility of operating the Project would be significantly reduced; (g) No public official of the City has either a direct or indirect financial interest in the Project nor will any public official either directly or indirectly benefit financially from the Project. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Little Canada, Minnesota, as follows: 1425528 vl