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CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA Member h &.L-� introduced the following resolution and moved its adoption RESOLUTION GRANTING PRELIMINARY APPROVAL TO THE ISSUANCE OF CONDUIT REVENUE BONDS TO FINANCE THE COSTS OF A MULTIFAMILY RENTAL HOUSING FACILITY UNDER MINNESOTA STATUTES, CHAPTER 462C, AS AMENDED; 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 (SIBLEY PARK/SIBLEY COURT 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 issuing conduit revenue bonds 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 Orbach Affordable Housing Solutions LLC (or another entity to be formed by or affiliated with Orbach Affordable Housing Solutions LLC, the "Borrower"), has proposed that the City issue its revenue bonds, pursuant to the Act, in an aggregate principal amount not to exceed $45,000,000, 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, renovation, construction and equipping of an existing approximately 114-unit rental housing facility and related amenities known as Sibley Park and located at 211 7th Street East in Saint Paul, Minnesota ("Saint Paul"); (ii) finance the acquisition, renovation, construction and equipping of an existing approximately 122-unit rental housing facility and related amenities known as Sibley Court and located at 484 Temperance Street in Saint Paul (collectively the "Project"); (iii) fund one or more reserve funds to secure the timely payment of the Bonds, if necessary; (iv) pay interest on the Bonds during the construction of the Project, if necessary; and (v) pay certain costs of issuing the Bonds. .05. The City may the issue the Bonds only after adopting a housing program providing the information required by Section 462C.03, subdivision 1 a of the Act (the "Housing Program"). SA 130-295-948402.v 1