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RESOLUTION RECITING A PROPOSAL FOR A <br />FINANCING PROGRAM FOR A MULTIFAMILY RENTAL <br />HOUSING DEVELOPMENT PROJECT, GIVING PRELIMXNARY <br />APPROVAL TO THE PROJECT AND THE ISSUANCE OF HOUSING <br />REVENUE BONDS, PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, <br />AND AUTHORIZING THE PREPARATION OF A HOUSING PROGRAM <br />(HOUSING ALTERNATIVES DEVELOPMENT COMPANY PROJECT) <br />369326,1 <br />(a) On February 26, 1997, this City Council of <br />the City of Little Canada, Minnesota (the "City"), <br />adopted a preliminary resolution (the "Earlier <br />Preliminary Resolution ") with respect to the Project <br />described below proposed by Housing Alternatives <br />Development Company, a 501(c)(3) organization (the <br />"Developer), <br />(b) The Earlier Preliminary Resolution gave <br />preliminary approval, among other things, to the <br />issuance of Bonds not to exceed $16,000,000 to finance <br />the Project; <br />(e) The City desires to increase the amount of <br />Bonds not to exceed $20,000,000; <br />(d) Minnesota Statutes, Chapter 462C (the "Act) <br />confers upon cities, the power to issue revenue bonds <br />to finance a program for the purposes of planning, <br />administering, making or purchasing loans with respect <br />to one or more multifamily housing developments within <br />the boundaries of the city; <br />(e) The City has received from the Developer a <br />proposal that the City undertake a program to finance a <br />Project hereinafter described, through the issuance of <br />revenue bonds or obligations (in one or more series) <br />(the "Bonds ") pursuant to the Act; <br />(f) The City desires to facilitate the <br />development of rental housing within the community; <br />encourage the development of affordable housing <br />opportunities for residents of the City; encourage the <br />development of housing facilities designed for <br />occupancy by persons of low and moderate income and <br />encourage the development of blighted or underutilized <br />land and structures within the boundaries of the City, <br />and the Project will assist the City in achieving these <br />objectives; <br />Page 2 <br />C d 0Z 1988099E ON/69: Q 1 'is /10 :91 L6 ,01 11 (NOW) NVOHOYV SOO IHa Y(0Hd <br />