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FROM BRIGGS&MORGAN <br />343114.1 <br />(FRI) 02.21' 97 14:37/ST. 14:36/N0.3560836851 P 3/7 <br />RESOLU'T'ION RECITING A PROPOSAL FOR A <br />PINANCING PROGRAM FOR A <br />HOUSING DEVELOPMENT, PROJECT, LIMI RENTAL <br />APPROVAL TO THE PROJECT AND GIVING PRELIMINARY <br />� BONDS, P THE ISSUANCE <br />AND AONDS, P TO MINNESOTA STATUTES OF HOUSING <br />(HOUSING AL TIVESD PREPARATION OF A HOUSING P PROJECT) <br />62 C, <br />MFG COMPANY PROJECT) <br />(a) Minnesota Statutes, Chapter 4620 <br />confers upon "Act) <br />to issue (the b the <br />to onds to financProgram for the purses o f pl ni radministering, making o purchasing loans mi ie or more multifamily housing developments within boundaries of the city; <br />"City") has received tof Little Canada, Minnesota (the <br />Development ro from Housing Alternatives <br />"Developer") ompany, a S01(c)(3) organization <br />Program to finance proposal that the Cityuzderta (the <br />through the issuance a Project hereinafter a <br />tin ugh the <br />more ance of revenue bonds described, <br />Act series) (the "Bonds ") or obligations <br />pursuant to the <br />development ThefCitytdesires to facilitate the <br />dnveurpge the development nhousing within the community; <br />opportunities for residents d ntsfoffthe City honour <br />development yof housing facilities edesig encourage the <br />occupancy <br />encourage the development pmentoof blighted moderate come and <br />and structures within the boundaries <br />uof theicity; <br />and the Project will assist City in achieving the Pr; the <br />g these <br />The Qr) °fTherDeveloperoSoacurrently engaged in the <br />"Project" to be moderate <br />acquisition e »rc and rehabilitation financed by the Bonds cis the using. <br />housing development known as of a Montreal Courts rental <br />approximately 444 rectal unitl designed of <br />of low and moderate all <br />f low <br />(Centerville and moderate LaBore) in located at 3ich wiorerRoadns <br />Preservation of rentalhhousin whack will result <br />persons of low and moderate income g facilities for <br />community. me within the <br />(e) The City inntatives of the Developer that conventional, commercial <br />Page 35 <br />