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.-11N, RESOLUTION NO. 18-173
<br />A RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE
<br />OF SENIOR HOUSING AND HEALTH CARE REVENUE NOTE
<br />(HERITAGE APARTMENTS PROJECT), SERIES 2018
<br />WHEREAS, Minnesota Statutes, Chapter 462C, as amended, and Section 471.656 (the
<br />"Act"), confers upon cities, the power to issue revenue obligations to finance combined
<br />multifamily housing and health care developments within the boundaries of the city; and
<br />WHEREAS, the City of Lino Lakes, Minnesota (the "City"), has received from Heritage
<br />Apartments, Inc., a Minnesota nonprofit corporation (the "Borrower"), a proposal that the City of
<br />Falcon Heights, Minnesota ("Issuer"), undertake a program to assist in financing, in part, the Lino
<br />Lakes Project hereinafter described, through the issuance of revenue notes or obligations (the
<br />"Note") to be issued in 2018 pursuant to the Act; and
<br />WHEREAS, the Note will be issued to finance, in part, the acquisition, construction, and
<br />equipping of multifamily senior housing facilities, with approximately 103 independent living
<br />units, 34 assisted living units, 16 memory care units, 48 skilled nursing units, and 30 townhome
<br />units, totaling approximately 106,730 square feet, to be located at 6075 Hodgson Road in the City
<br />(the "Lino Lakes Project"); and
<br />WHEREAS, Lyngblomsten Senior Housing, Inc., a Minnesota nonprofit corporation, of
<br />which the Borrower is an affiliate, will be the owner and operator of the Lino Lakes Project; and
<br />WHEREAS, as required by the Act and Section 147(f) of the Internal Revenue Code of
<br />1986, as amended (the "Code"), a Notice of Public Hearing was published in Lino Lakes's official
<br />newspaper and newspaper of general circulation, for a public hearing on the proposed issuance of
<br />the Note by the Issuer and the proposal to undertake and finance the Lino Lakes Project; and
<br />WHEREAS, as required by the Act and Section 147(f) of the Code, the City Council of the
<br />City has on this same date held a public hearing on the issuance of the Note by the Issuer and the
<br />proposal to undertake and finance the Lino Lakes Project located within the jurisdictional limits
<br />of the City, at which all those appearing who desired to speak were heard and written comments
<br />were accepted; and
<br />WHEREAS, the City has been advised that the Note, as and when issued, will not constitute
<br />a charge, lien, or encumbrance upon any property of the City or the Issuer, except the revenues to
<br />be derived from a revenue agreement. Such Note will not be a charge against the general credit or
<br />taxing powers of the City or the Issuer, but is payable from sums to be paid by the Borrower
<br />pursuant to a revenue agreement; and
<br />WHEREAS, in connection with the issuance of the Note, there has been presented to the
<br />City the form of a Joint Powers Agreement anticipated to be dated as of December 1, 2018 between
<br />the City, the Issuer, and the Housing and Redevelopment Authority of the City of Saint Paul,
<br />Minnesota (the "Joint Powers Agreement");
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