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CITY OF LINO LAKES,MINNESOTA RESOLUTION NO.21-77 RESOLUTION PROVIDING HOST APPROVAL TO THE ISSUANCE OF REVENUE OBLIGATIONS BY THE CITY OF BETHEL FOR THE BENEFIT OF LYNGBLOMSTEN OF LINO LAKES,LLC BE IT RESOLVED by the City Council (the "City Council") of the City of Lino Lakes, Minnesota(the"City"), as follows: Section 1. Recitals. 1.01. Pursuant to Minnesota Statutes, Chapter 462C, as amended (the "Act"), a municipality is authorized to carry out the public purposes described in the Act by providing for the issuance of revenue bonds to provide funds to finance multifamily housing developments (including independent living, assisted living, and memory care facilities). 1.02. Minnesota Statutes, Section 471.656, as amended, authorizes a municipality to issue obligations to finance the acquisition or improvement of property located outside of the corporate boundaries of such municipality if the obligations are issued under a joint powers agreement between the municipality issuing the obligations and the municipality in which the property to be acquired or improved is located. Pursuant to Minnesota Statutes, Section 471.59, as amended, by the terms of a joint powers agreement entered into through action of their governing bodies, two or more municipalities may jointly or cooperatively exercise any power common to the contracting parties or any similar powers, including those which are the same except for the territorial limits within which they may be exercised and the joint powers agreement may provide for the exercise of such powers by one or more of the participating governmental units on behalf of the other participating units. 1.03. Lyngblomsten at Lino Lakes, LLC, a Minnesota limited liability company, or any of its affiliates (collectively, the "Borrower"), the sole member of which is Lyngblomsten Services, Inc., a Minnesota nonprofit corporation, has proposed that the City approve the issuance by the City of Bethel, Minnesota (the "Issuer") of one or more series of revenue obligations (the "Notes") in the approximate maximum principal amount of$45,000,000, pursuant to Act and Minnesota Statutes, Sections 471.59 and 471.656, as amended (the "Joint Powers Act"). The Borrower intends to apply the proceeds of the Notes to acquire, construct, and equip an approximately 167-unit senior housing development, including approximately 96 independent living apartments, 20 detached independent living townhomes, 35 assisted living units, and 16 assisted memory care units (the "Project"), to be located near the intersection of Hodgson Road and County Road J/Ash Street in the City. The Borrower will own and operate the Project. 1.04. Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), and regulations promulgated thereunder require that, prior to the issuance of the Notes, the City Council must consent to the issuance of the Notes by the Issuer after conducting a public hearing thereon preceded by publication of a notice of public hearing (in the form required by Section 147(f) of the Code and applicable regulations) in a newspaper of general circulation within the City at least seven(7) days prior to the public hearing date. 1.05. A notice of public hearing (the "Public Notice") was published at least seven (7) days before the regularly scheduled meeting of the City Council on the date hereof in the Quad Community