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RESOLUTION NO. 18-158 A RESOLUTION CALLING FOR A PUBLIC HEARING ON CONSENTING TO THE ISSUANCE OF SENIOR HOUSING FACILITY REVENUE NOTES TO FINANCE A SENIOR HOUSING PROJECT (a) WHEREAS, Minnesota Statutes, Chapter 462C (the "Act"), confers upon cities, the power to issue revenue obligations to finance combined multifamily housing and health care developments within the boundaries of the city; and (b) WHEREAS, the City of Lino Lakes, Minnesota (the "City"), has received from Heritage Apartments, Inc., a Minnesota nonprofit corporation (the "Borrower"), a proposal that the City of Falcon Heights, Minnesota ("Issuer"), undertake a program to assist in financing in part and refinancing a Project hereinafter described, through the issuance of revenue notes or obligations (in one or more series) (the "Notes") to be issued in 2018 pursuant to the Act; and (c) WHEREAS, the Notes will be issued, in part, to finance, in part, the acquisition, construction, and equipping of multifamily senior housing facilities, with approximately 103 independent living units, 34 assisted living units, 16 memory care units, 48 skilled nursing units, and 30 townhome units, totaling approximately 106,730 square feet, to be located at 6075 Hodgson Road in the City (the "Lino Lakes Project"); and (d) WHEREAS, Lyngblomsten Senior Housing, Inc., a Minnesota nonprofit corporation, of which the Borrower is an affiliate, will be the owner and operator of the Lino Lakes Project; and (e) WHEREAS, the City has been advised that a public hearing and City Council host approval of and consent to the financing, in part, of the Lino Lakes Project is required under the Act and Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), because the facility to be financed by the Notes is located in the City: NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lino Lakes, Minnesota, as follows: 1. A public hearing on the proposal of the Borrower will be held at the time and place set forth in the form of Notice of Public Hearing attached hereto as Exhibit A. The general nature of the Project and an estimate of the aggregate principal amount of revenue notes or other obligations to be issued to finance the proposal are described in the Notice of Public Hearing. 2. The City Clerk is hereby authorized and directed to cause the submission of notice of the hearing for publication in the official newspaper of the City and a newspaper of general circulation available in the City, not less than 14 days nor more than 30 days prior to the date fixed for the hearing, substantially in the form of the attached Notice of Public Hearing. 2