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CITY OF MOUNDS VIEW
<br />COUNTY OF RAMSEY
<br />STATE OF MINNESOTA
<br />RESOLUTION 9728
<br />AUTHORIZING THE ISSUANCE, SALE, AND DELIVERY OF ITS CONDUIT
<br />MULTIFAMILY HOUSING REVENUE BONDS FOR THE SHERMAN FORBES
<br />PROJECT; ADOPTING A HOUSING PROGRAM; AUTHORIZING THE
<br />EXECUTION AND DELIVERY OF THE BONDS AND RELATED
<br />DOCUMENTS; PROVIDING FOR THE SECURITY, RIGHTS, AND REMEDIES
<br />WITH RESPECT TO THE BONDS; AND GRANTING APPROVAL FOR
<br />CERTAIN OTHER ACTIONS WITH RESPECT THERETO
<br />WHEREAS, the City of Mounds View, Minnesota (the "City"), is a home rule city and political
<br />subdivision duly organized and existing under the Constitution, its Charter and laws of the State of
<br />Minnesota; and
<br />WHEREAS, pursuant to Minnesota Statutes, Chapters 462C and 474A, as amended (collectively,
<br />the "Act"), the City is authorized to carry out the public purposes described in the Act by issuing revenue
<br />bonds and notes or other obligations to finance multifamily housing developments, and as a condition to
<br />the issuance of such revenue obligations, adopt a housing program providing the information required by
<br />Section 462C.03, subdivision 1 a, of the Act; and
<br />WHEREAS, Minnesota Statutes, Section 471.656, as amended, authorizes a municipality to issue
<br />obligations to finance the acquisition or improvement of property located outside of the corporate
<br />boundaries of such municipality if the obligations are issued under a joint powers agreement between the
<br />municipality issuing the obligations and the municipality in which the property to be acquired or improved
<br />is located. Pursuant to Minnesota Statutes, Section 471.59, as amended, by the terms of a joint powers
<br />agreement entered into through action of their governing bodies, two municipalities may jointly or
<br />cooperatively exercise any power common to the contracting parties or any similar powers, including those
<br />which are the same except for the territorial limits within which they may be exercised and the joint powers
<br />agreement may provide for the exercise of such powers by one or more of the participating governmental
<br />units on behalf of the other participating units; and
<br />WHEREAS, Sherman Forbes Housing Partners, LP, a Minnesota limited partnership (or another
<br />entity to be formed by or affiliated with Vitus Development IV, LLC, the "Borrower"), has requested that
<br />the City issue its multifamily housing revenue bonds, pursuant to the Act, in an aggregate principal amount
<br />not to exceed $18,000,000, in one or more series, at one time or from time to time (the "Obligations") and
<br />lend the proceeds thereof to the Borrower to (i) finance the acquisition, rehabilitation, renovation,
<br />construction and equipping of an existing 104-unit apartment community comprised of six 3-story
<br />apartment buildings, related amenities and surface parking all located at 310 7th Street West in Saint Paul,
<br />Minnesota for occupancy by individuals and families of low and moderate income; (ii) fund one or more
<br />reserve funds to secure the timely payment of the Obligations, if necessary; (iii) pay capitalized interest on
<br />the Obligations, if necessary; and (iv) pay the costs of issuing the Obligations (collectively, the "Project");
<br />and
<br />WHEREAS, on November 14, 2022, the City Council adopted a preliminary resolution (the
<br />"Preliminary Resolution") under the terms of which the City (i) granted preliminary approval to the issuance
<br />of one or more series of multifamily housing revenue bonds or other obligations (the "Obligations") in an
<br />aggregate principal amount not to exceed $18,000,000, pursuant to the Housing Act to finance the Project;
<br />SA130-287-865935.v2
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