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t '....._' the Project nor will any public official either directly or indirectly benefit financially from the Project; NOW THEREFORE, BE IT RESOLVED by the City Council of the City of New Brighton, Minnesota, as follows: 1. The City hereby gives preliminary approval to the proposal of the Developer that the City undertake the Project, described above, and the program of financing therefor, pursuant to Minnesota Statutes, Chapter 462C, consisting of the acquisition, rehabilitation, construction and equipping of multifamily rental housing facilities within the City pursuant to the Developer's specifications and to a revenue agreement between the City and the Developer on such terms and conditions with provisions for revision from time to time as necessary, so as to produce income and revenues sufficient to pay, when due, the principal and interest on the Bonds in a total principal amount not to exceed $4,200,000 to be issued pursuant to the Act to finance the acquisition, rehabil- itation, construction and equipping of the Project; and said agreement may also provide for the entire interest of the Developer therein to be mortgaged to the purchasers of the Bonds, or a trustee for the holder(s) of the Bonds; and the City hereby undertakes preliminarily to issue its bonds in accordance with such terms and conditions; 2. At the option of the City, the financing may be structured so as to take advantage of whatever means are available and are permitted by law to enhance the security for, or marketability of, the Bonds; provided that any such financing structure must be consented to by the Developer. 3. On the basis of information available to the City it appears, and the City hereby finds, that the Project constitutes a multifamily housing development within the meaning of subdivision 5 of Section 462C.02 of the Act; that the Project will be designed primarily for occupancy by the elderly; the availability of the financing under the Act and the willingness of the City to furnish such financing will be a substantial inducement to the Developer to undertake the Project; and that the effect of the Project, if undertaken, will be to encourage the provision of additional multifamily rental housing opportunities to residents of the City, to assist in the redevelopment of blighted and marginal land and to promote more intensive development and use of land within the City; 4. The Project, and the program to finance the project by the issuance of revenue bonds, is hereby given preliminary approval by the City subject to the approval of the financing program by the Minnesota Housing Finance Agency (ltMHFAIt), subject to obtaining an allocation from the State multifamily housing pool -3-