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RESOLUTION 2005-06 • RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR FINANCING ELDERLY HOUSING FACILITIES AND AUTHORIZING PUBLICATION OF A NOTICE OF THE HEARING (a) WHEREAS, Minnesota Statutes, Section 462C, as amended (the "Act"), authorizes municipalities to finance the acquisition and construction of multifamily housing developments under the circumstances and within the limitations set forth in the Act. Section 46X.07 of the Act provides that such programs for multifamily housing developments may be financed through the issuance of revenue obligations payable exclusively from the revenues of the program or developments; and (b) WHEREAS, the City Council of the City of Falcon Heights, Minnesota (the "City"), has received from Pines of Hutchinson, LLC, a Minnesota limited liability company (the "Borrower"), a proposal that the City assist in financing a project hereinafter described, through. the issuance of revenue bonds (the "Bonds") by the City pursuant to a Joint Powers Agreement between the City and the City of Hutchinson, Minnesota ("Hutchinson"); and (c) The Borrower or a related entity proposes to acquire a 50-unit independent senior housing facility located at 1015 Century Avenue SW in Hutchinson; and • (d) Pursuant to Minnesota Statutes, Section 471.59, as amended, the City and Hutchinson will enter into a joint powers agreement authorizing the City to issue revenue bonds to finance acquisition of the facilities; and (e) WHEREAS, before proceeding with consideration of the request of the Borrower, it is necessary for the City to hold a public hearing on the proposal. NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Falcon Heights, Minnesota, as follows: 1. A public hearing on the proposal of the Borrower will be held at the time and place set forth in the Notice of Public Hearing hereto attached. 2. The general nature of the proposal and an estimate of the principal amount of Bonds to be issued to finance the proposal are described in the attached form of Notice of Public Hearing. 3. Drafts of documents including the housing program related to the Bonds are on file in the office of the City Administrator. 4. The actions of City staff in publishing notice of the hearing for one publication in the official newspaper of the City, not less than 15 days prior to the date fixed for the hearing, substantially in the form of the attached Notice of Public Hearing, are hereby ratified. • 1772246v1