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RESOLUTION 9575 CITY OF MOUNDS VIEW, MINNESOTA COUNTY OF RAMSEY STATE OF MINNESOTA ADOPTING A HOUSING FINANCE PROGRAM FOR A MULTIFAMILY RENTAL HOUSING DEVELOPMENT, APPROVING THE PROJECT AND THE PROGRAM AND AUTHORIZING THE ISSUANCE OF CONDUIT MULTIFAMLY HOUSING REVENUE OBLIGATIONS AND THE EXECUTION OF RELATED DOCUMENTS (VILLAS OF MOUNDS VIEW PROJECT) WHEREAS, the City of Mounds View, Minnesota (the "City") is a home rule charter city, municipal corporation, and political subdivision duly organized and existing under the Constitution, its Charter and laws of the State of Minnesota; WHEREAS, the 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 and notes or other obligations to finance or refinance multifamily housing developments located within the City, and as a condition to the issuance of such revenue obligations, adopt a housing program providing the information required by Section 462C.03, subdivision 1 a, of the Act; WHEREAS, the issuance of the City's revenue obligations 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; WHEREAS, Villas of Mounds View, Limited Partnership, a Minnesota limited partnership (or another entity to be formed by MWF Properties, LLC, the "Borrower"), has requested that the City issue its housing revenue obligations, in one or more series (collectively, the "Note") under the Act and lend the proceeds thereof to the Borrower to: (i) finance the acquisition, construction, and equipping of an approximately 120-unit rental housing facility to be located at the property currently identified as 4849 and 3943 Old Hwy 8 in the City; (ii) pay costs of issuance and other costs related to the issuance of the bonds; and (iii) fund capitalized interest and certain reserves, if necessary (collectively, the "Project"); WHEREAS, the City has prepared a housing program (the "Housing Program") to authorize the issuance by the City of tax-exempt and taxable revenue bonds in one or more series to be issued to finance the Project in an amount not to exceed $16,000,000, subject to receiving an allocation of bonding authority; MU210-289-787665.vl