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(g) The Developer is currently engaged in the business of providing low and moderate income housing. The "Project" to be financed by the Bonds is the acquisition and rehabilitation of a multifamily rental housing development known as Montreal Courts of approximately 444 rental units all designed for persons of low and moderate income located at 396 LaBore Road (Centerville and LaBore) in the City which will result in the preservation of rental housing facilities for persons of low and moderate income within the community; (h) The City has been advised by representatives' of the Developer that conventional, commercial financing to pay the acquisition and rehabilitation costs 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, but the Developer has also advised the City that with the aid of municipal financing, and resulting low borrowing costs, the Project is economically more feasible; and (i) 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 ST RESOLVED by the City Council of the City of Little Canada, Minnesota, as follows: 1. The Council hereby finds that no information since the adoption of the Earlier Preliminary Resolution has caused it to reject the Project or doubt the findings made in the Earlier Preliminary Resolution. The findings in the Earlier Preliminary Resolution, and the preliminary approvals granted therein, are ratified and confirmed in full. 2. The City hereby gives preliminary approval to the proposal of the Developer that. Lhe CiLy undertake the Project, described above, and the program of financing therefor, pursuant to Minnesota Statutes, Chapter 462C, consisting of the acquisition and rehabilitation of multifamily rental housing facilities within the City and to a revenue agreement between the City and the Developer on such terms and conditions with provisions for revision from time to time as necessary, so as to produce income and revenues sufficient to pay, when due, the principal and interest on the Bonds in the total principal amount of not to exceed $20,000,000 to be issued pursuant to the Act to finance the acquisition and rehabilitation of the Project; and 369326.1 Page 3 V d 0Z 19£80995 'ON/69 :91 '18/10:91 L6 ,01 11 (NON[) NVOHOYVgSOOI88 YI083