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' OCT 10 '89 16:55 MS MPLS <br />ECONOMIC DEVELOPMENT AUTHORITY or THE CITY or <br />LITTLE CANADA <br />RESOLUTION NO, <br />P.2 <br />WHEREAS, the Economic Development Authority of the City of <br />Little Canada (the "Authority") is authorized, under Minnesota <br />Statutes, Sections 459.090 - 464.108, as amended, to undertake the <br />development, construction, and financing of multifamily rental <br />housing facilities for low and moderate income persons and <br />families) and <br />WHEREAS, representatives of Miller & Schroeder Financial, <br />Inc. ( "Miller a Schroeder ") have proposed to the Authority that <br />it initiate a program to finance the construction of a 100 -unit <br />multifamily rental housing facility for elderly persons and <br />elderly families of low and moderate income (the "Facility ") to <br />be owned and operated by the Authority; and <br />WHEREAS, the construction, ownership, and operation of the <br />Facility by the Authority would be consistent with the purposes <br />and policies of the Authority and would address an elderly <br />housing need in the City of Little Canada; <br />NOW, THEREFORE, EE IT RESOLVED THAT; <br />1. The Authority hereby preliminarily approves the <br />Facility. <br />2. Miller a Schroeder is hereby authorised to prepare a <br />specific proposal for consideration by the Authority to provide <br />for the acquisition, construction, management, a'nd financing of <br />the Facility (the "Proposal ") at a cost not to exceed $5,000,000. <br />It is requested that in such capacity, Miller & Schroeder <br />identify one or more acceptable sites for the Facility, determine <br />the cows of the Facility, prepare a financing plan, and submit <br />reCOmmendatione as to the operation and management of the <br />Facility. Miller a Schroeder is authorized to consult with <br />Briggs and Morgan, bond counsel to the Authority, Barthel <br />Construction, and other professionals and counsel deemed <br />necessary or appropriate by Miller & Schroeder to prepare the <br />Proposal. <br />3. It is understood that Miller If Schroeder will prepare <br />the Proposal at its own cost and expense. If the Proposal is <br />accepted by the Authority, Miller a Schroeder will be the <br />exclusive underwriter for any obligations issued by the Authority <br />(or the City of Little Canada) to finance the Facility. <br />Page 55 <br />