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:- PROGRAM FOR A MULTIFAMILY HOUSING DEVELOPMENT Pursuant to Minnesota Statutes, Chapter 462C (the "Act"), the City of New Brighton (the "City") is authorized to develop and administer programs to finance the acquisition and rehabilitation of multifamily housing developments under the circumstances and within the limitations set forth in the Act. Minnesota Statutes, Section 462C. 07 provides that such programs for multifamily housing developments may be financed by revenue bonds issued by the City. The City has received a proposal that it approve a program providing for the acquisition and rehabilitation of a 364-unit qualified residential rental project known as Polynesian Village Apartments (the "Project") located at 1201-1497 10th St. N. W. in the City, by Polynesian Village 1994 Limited Partnership, a limited partnership formed under the laws of the State of Minnesota (the "Developer"), the general partner of which is PolYnesian Development, Inc., a Minnesota corporation. The acquisition and rehabilitation of the Project is to be funded through the issuance of up to $11 ,500,000 in revenue bonds to be issued by the City (the "Bonds"). Following acquisition and rehabilitation of the Project, the Developer will own and operate the Project as a multifamily residential rental project. The Project will meet the minimum rehabilitation requirements of Sections 147(d) and 42(e) (2) of the Internal Revenue Code of 1986, as amended (the "Code") and will be occupied by individuals or families whose incomes at the time of initial occupancy will meet the requirements of Sections 142(d) and 42(g) of the Code. It is estimated that rents for the Housing Units will range from approximately $425 per month to $575 per month. The City, in establishing this multifamily housing program (the "Program"), has considered the information contained in the City's 462C Housing Plan (the "Housing Plan"). The Project will be acquired and rehabilitated in accordance with the requirements of Subdivisions 1 and 2 of Section 462C.05 of the Act. Section A. Definitions. The following terms used in this Program shall have the following meanings, respectively: "Act" shall mean Minnesota Statutes, Section 462C.01, et seq., as currently in effect and as the same may be from time to time amended. "Bonds" shall mean the revenue bonds to be issued by the City to finance the Program. "City" shall mean the City of New Brighton, Minnesota. "Developer" shall mean PolYnesian Village 1994 Limited Partnership, a limited partnership formed under the laws of the State of Minnesota. "Housing Plan" shall mean the City's 462C Housing Plan, adopted pursuant to the Act, of which this Program is a part. "Housing Unit" shall mean anyone of the apartment units, each located in the Project, occupied by one person or family, and containing complete living facilities. "Land" shall mean the real property upon which the Project is situated. 8NG76010 0136-119 1