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RESOLUTION 7672 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA AUTHORIZING THE ISSUANCE, SALE, AND DELIVERY OF ITS MULTIFAMILY HOUSING REVENUE BONDS (SELECT SENIOR LIVING OF MOUNDS VIEW PROJECT), SERIES 2010; ADOPTING A HOUSING PROGRAM PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF THE BONDS AND RELATED DOCUMENTS; PROVIDING FOR THE SECURITY, RIGHTS, AND REMEDIES WITH RESPECT TO THE BONDS; AND GRANTING APPROVAL FOR CERTAIN OTHER ACTIONS WITH RESPECT THERETO WHEREAS, the City of Mounds View, Minnesota (the "City is a political subdivision of the State of Minnesota; and WHEREAS, pursuant to Minnesota Statutes, Chapter 462C, as amended (the "Act the City is authorized to carry out the public purposes described in the Act by issuing revenue bonds to finance or refinance multifamily housing developments located within the City, and as a condition to the issuance of such revenue bonds, adopt a housing program providing the information required by Section 462C.03, subdivision 1a, of the Act; and WHEREAS, in the issuance of the City's revenue bonds and in the making of a loan to finance a multifamily housing development the City may exercise, within its corporate limits, any of the powers that the Minnesota Housing Finance Agency may exercise under Minnesota Statutes, Chapter 462A, as amended, without limitation under the provisions of Minnesota Statutes, Chapter 475, as amended; and WHEREAS, Select Senior Living of Mounds View, L.L.C., a Minnesota limited liability company (the "Borrower has requested that the City issue its revenue bonds under the Act and lend the proceeds thereof to the Borrower to finance the following: (i) the acquisition, construction and equipping of an approximately 95 -unit multifamily senior housing facility with 19 memory care units, 44 assisted living units, and 32 independent living units, to be located at the northwest quadrant of the intersection of Groveland Road and County Road 10 in the City (the "Project (ii) the payment of interest on the bonds during the construction of the Project; (iii) the funding of required reserves; and (iv) the payment of certain costs related to the issuance of the bonds; and WHEREAS, the Project is designed and intended to be used primarily for seniors for rental occupancy but is not restricted to persons age 55 and older; and WHEREAS, the City has prepared a housing program (the "Housing Program" or "Program to authorize the issuance by the City of revenue bonds, in one or more series, in the maximum principal amount of $15,000,000 to finance the acquisition, construction, and equipping of the Project; and WHEREAS, a notice of public hearing (the "Public Notice was published in the New Brighton/Mounds View Sun Focus, the official newspaper and a newspaper of general circulation in the 372206v2 JSB MU210 -192