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Member CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA introduced the following resolution and moved its adoption RESOLUTION 9617 RESOLUTION RELATING TO THE ISSUANCE OF CONDUIT REVENUE BONDS TO FINANCE THE COSTS OF A MULTIFAMILY RENTAL HOUSING FACILITY AND UNDER MINNESOTA STATUTES, CHAPTER 462C, AS AMENDED; GRANTING PRELIMINARY APPROVAL THERETO; CALLING FOR A PUBLIC HEARING; ESTABLISHING COMPLIANCE WITH CERTAIN REIMBURSEMENT REGULATIONS UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED; AND TAKING CERTAIN OTHER ACTIONS WITH RESPECT THERETO PLATO APARTMENTS AT FARWELL YARDS PROJECT) BE IT RESOLVED by the City Council (the "Council") of the City of Mounds View, Minnesota the "City"), as follows: Section 1. Recitals. 1.01. The City is a home rule charter city and political subdivision duly organized and existing under the Constitution and laws of the State of Minnesota. 1.02. 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 providing for the issuance of revenue bonds to provide funds to finance or refinance multifamily rental housing developments located within the City or under a joint powers agreement with the jurisdiction in which the development is located and pursuant to Minnesota Statutes, Section 471.59 and 471.656, as amended. 1.03 115 Plato, LP, a Minnesota limited partnership (or another entity to be formed by or affiliated with Buhl Investors, the "Borrower"), has proposed that the City issue its revenue bonds, pursuant to the Act, in an aggregate principal amount not to exceed $11,000,000, in one or more series at one time or from time to time (the "Bonds"). 1.04. The proceeds of the Bonds are proposed to be loaned by the City to the Borrower to be applied by the Borrower to (i) finance the acquisition of property and the demolition of an existing building thereon and the construction, and equipping of a 4-story approximately 63 unit rental housing facility and related amenities all located at 115 Plato Boulevard West in Saint Paul, Minnesota (the Project"); (ii) fund one or more reserve funds to secure the timely payment of the Bonds, if necessary; iii) pay interest on the Bonds during the construction of the Project, if necessary; and (iv) pay certain costs of issuing the Bonds. 1.05. As a condition to the issuance of the Bonds, the City must adopt a housing program providing the information required by Section 462C.03, subdivision la of the Act (the "Housing Program"). SA130-281-810722.v2 Meehlhause