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RESOLUTION RECITING A PROPOSAL FOR A <br />FINANCING PROGRAM FOR A MULTI- FAMILY RENTAL <br />HOUSING DEVELOPMENT PROJECT, GIVING PRELIMINARY <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 />(LITTLE CANADA LEASED HOUSING ASSOCIATES <br />LIMITED PARTNERSHIP PROJECT) <br />WHEREAS, <br />(a) 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 multi - family housing developments within <br />the boundaries of the city; <br />(b) The City has received from Little Canada <br />Leased Housing Associates Limited Partnership (the <br />"Developer ") a proposal that the City undertake a <br />program to finance a Project hereinafter described, <br />through the issuance of revenue bonds orobligations <br />(in one or more series) (the "Bonds") pursuant to the <br />Act; <br />(c) 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 low and moderate persons; and encourage <br />the development of blighted or underutilized land and <br />structures within the boundaries of the City; and the <br />Project will assist the City in achieving these <br />objectives; <br />(d) The Developer is currently engaged in the <br />business of real estate development. The Project to be <br />financed by the Bonds is the acquisition and renovation <br />of 118 rental units located at 153 East Little Canada <br />Road in the City of Little Canada known as ( "The <br />Provinces"), and consists of the Construction and <br />equipping thereon which will result in the provision of <br />additional rental housing opportunities to persons <br />within the community; <br />(e) The City has been advised by representatives <br />of the Developer that conventional, commercial <br />2680.4..1 <br />Page 69 <br />9/3 'd 9LO- 9100988'0N /09:11 'IS/ 19:11 76,80'L0(II13) 9799 833 319 ORVd'IS MHO ONV SOOIN8 Yi08d <br />