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537405v2 JSB NE136-263 <br />CITY OF NEW BRIGHTON <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO. _____ <br /> <br /> <br />RESOLUTION PROVIDING FOR A PUBLIC HEARING REGARDING A <br />MULTIFAMILY HOUSING DEVELOPMENT AND GRANTING <br />PRELIMINARY APPROVAL TO THE ISSUANCE OF CONDUIT REVENUE <br />BONDS TO FINANCE THE COSTS THEREOF (OLD HIGHWAY 8 SENIOR <br />HOUSING PROJECT) <br /> <br /> <br /> Section 1. Recitals. <br /> <br /> 1.01. The City of New Brighton, Minnesota (the “City”) is a municipal corporation and <br />political subdivision duly organized and existing under the Constitution and laws of the State of <br />Minnesota. <br /> <br /> 1.02. Pursuant to Minnesota Statutes, Chapter 462C, as amended (the “Act”), the City is <br />authorized to issue revenue bonds to provide funds to finance multifamily rental housing developments <br />located within the City. <br /> <br /> 1.03. New Brighton Leased Housing Associates II, LLLP, a Minnesota limited liability limited <br />partnership, or an affiliated entity (the “Borrower”), has proposed that the City issue its revenue bonds or <br />other obligations in the approximate aggregate principal amount of up to $29,500,000, in one or more <br />series, issued simultaneously or sequentially, bearing interest at fixed and/or variable rates, to be offered <br />publicly and/or privately placed (the “Bonds”). <br /> <br />1.04. The proceeds of the Bonds are proposed to be loaned by the City to the Borrower to be <br />applied by the Borrower to (i) finance the acquisition, construction, and equipping of an approximately <br />200-unit multifamily senior rental housing development and functionally related facilities to be located at <br />701 8th Ave NW in the City (the “Project”); (ii) fund one or more reserve funds to secure the timely <br />payment of the Bonds, if necessary; (iii) pay interest on the Bonds during the construction of the Project, <br />if necessary; and (iv) pay the costs of issuing the Bonds. <br /> <br />1.05. No Bonds may be issued until the City has adopted a housing program providing the <br />information required by Section 462C.03, subdivision 1a of the Act (the “Housing Program”). <br /> <br /> 1.06. Under Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), no <br />Bonds may be issued until the City Council has conducted a public hearing after one publication of notice <br />in a newspaper circulating generally in the City at least 14 days before the hearing. Under Section <br />462C.04, subdivision 2 of the Act, a public hearing must be held on the housing program after one <br />publication of notice in a newspaper circulating generally in the City at least 15 days before the hearing. <br /> <br /> 1.07. Under Section 146 of the Code, the Bonds must receive an allocation of the bonding <br />authority of the State of Minnesota. An application for such an allocation must be made pursuant to the <br />requirements of Minnesota Statutes, Chapter 474A, as amended (the “Allocation Act”). The application <br />for an allocation of bonding authority with respect to the Bonds to finance the Project may be submitted