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• I I <br /> in the City in the St. Anthony Village Shopping Center located <br /> on the south. side of Kenzie Terrace at Harding. Street Northeast, <br /> and constituting part of the Kenzie Terrace Redevelopment <br /> Area and construct and equip thereon one or more multifamily <br /> rental apartment buildings containing approximately 300 to <br /> 400 units, together with parking and .related and subordinate <br /> facilities (the -"Development" ) . Total development and financing <br /> costs are presently estimated by the DeveloPer to be <br /> approximately $24, 000, 000 . <br /> 1. 06 . Representatives of the Developer have requested <br /> that the City issue its revenue bonds in one or more series <br /> (the "Bond"s" ) pursuant to- the authority of the Act in such <br /> aggregate principal amount as may be necessary to finance <br /> all or a portion of the costs of the Development and make <br /> the proceeds of. the Bonds available to the Developer, directly <br /> or indirectly, for the acquisition, construction and equipping <br /> of the Development, ' subject to agreement by the Developer <br /> to pay promptly the principal of and interest on the Bonds . <br /> 1.07 . A multifamily -housing program has been prepared <br /> pursuant to the requirements of' subdivision 5 of Section <br /> 462C. 05 of the Act for the Development and the issuance of <br /> the Bonds (the "Program" ) , a copy of which is attached as <br /> Exhibit A hereto. A copy of the Program has been submitted <br /> to the Metropolitan' Council for. review and comment as required <br /> • by the Act . <br /> 1.08. At a public hearing, duly noticed and held <br /> on November 25, 1985, in accordance with the 'Act and Section <br /> 103 (k) of the. Internal Revenue Code of 1954 , as amended, <br /> on the Program, any comments on the' Program submitted by <br /> the Metropolitan Council were presented to .the Council and <br /> all parties who appeared at the hearing were given at- opportunity <br /> to express their views with respect to the Program and interested <br /> persons were given the opportunity to' submit written comments <br /> to the City Clerk before the time of the hearing. <br /> Section 2 . Approvals and Authorization. <br /> 2 .01. The Program is hereby approved and itis <br /> hereby found and determined that it would be in the best <br /> . interests of the City to issue the Bonds under the provisions <br /> of the Act in an amount currently estimated to be $24, 000, 000 <br /> to finance all or a portion of the cost of the Development. <br /> 2 .02 . . The Development is hereby given preliminary <br /> approval by the City and the issuance. of the Bonds for such <br /> purpose . approved. The Bonds shall not be- issued until the. <br /> Program has been reviewed by the Minnesota Housing Finance. <br /> Agency as provided by the Act- until the other requirements <br /> • of the Act--have . been satisfied, until the.. requirements of <br /> -2- <br />