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RESOLUTION GIVING PRELIMINARY APPROVAL <br />TO A PROPOSED HEALTH CARE FACILITIES PROJECT <br />AND THE ISSUANCE BY THE CITY OF REVENUE BONDS <br />THEREFOR ON BEHALF OF THE PRESBYTERIAN HOMES OF <br />MINNESOTA, INC. UNDER THE MUNICIPAL INDUSTRIAL <br />DEVELOPMENT ACT AND AUTHORIZING SUBMISSION OF AN <br />APPLICATION TO THE MINNESOTA DEPARTMENT OF TRADE <br />AND ECONOMIC DEVELOPMENT FOR APPROVAL THEREOF <br />BE IT RESOLVED by the City Council of the City of <br />Little Canada, Minnesota (the "City "), as follows: <br />1. There has been presented to this Council a <br />proposal by The Presbyterian Homes of Minnesota, Inc., a <br />Minnesota nonprofit corporation (the "Borrower ") for a project to <br />be undertaken pursuant to. the Minnesota Municipal Industrial <br />Development Act, Minnesota Statutes, Sections 469.152 to <br />469.1651, as amended (the "Act "), generally consisting of the <br />acquisition and construction of a health care facility for the <br />elderly, to be owned and operated by the Borrower or a <br />corporation affiliated therewith (in the alternative, the <br />"Corporation "). The address of the proposed facility is 10030 <br />Newton Avenue South in the City of Bloomington, Minnesota (the <br />"Project "). The Corporation will enter into a revenue agreement <br />with the City upon such terms and conditions as are necessary to <br />produce income and revenues sufficient to pay when due the <br />principal of and the interest on up to approximately $8,000,000 <br />Health Care Facilities Revenue Bonds of the City to be issued <br />pursuant to the Act, to provide monies for the Project; and the <br />City will pledge its interest in the revenue agreement to secure <br />the bonds. <br />-3- <br />Page 10 <br />