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COMPREHENSIVE STATEMENT <br /> The undersigned, being the duly qualified and acting City Clerk of the City of Elk River, <br /> Minnesota(the "City"), DO HEREBY CERTIFY on behalf of the City that the governing body <br /> of the City (the "City Council") has been provided by representatives of Guardian Angels Health <br /> Services, Inc., a Minnesota nonprofit corporation (the `Borrower"), with certain information <br /> concerning a proposed project under the Minnesota Municipal Industrial Development Act, <br /> Minnesota Statutes, Sections 469.152 through 469.165, as amended (the "Act"). On the basis of <br /> such information, the City Council, by resolution adopted August 3, 2015, has given approval to <br /> the proposed Project and the financing thereof by the issuance, in one or more series, of revenue <br /> bonds (the "Bonds") of the City. The following are factors considered by the City Council in <br /> determining to give approval to the project: <br /> 1. The proposed project consists generally of the renovation, improvement and <br /> equipping of Guardian Angels Care Center(the "Project"). The Project is located at 400 Evans <br /> Avenue in the City. <br /> 2. Dorsey& Whitney, LLP, as Bond Counsel to the Underwriter, is of the opinion that <br /> the Project constitutes a"project" within the meaning of Minnesota Statutes, Section 469.153, <br /> subdivision 2(d). <br /> 3. The issuance of the Bonds to undertake the Project will promote the public purposes <br /> and legislative objectives of the Act by providing substantial inducement for the expansion of the <br /> health care operations of the Borrower in the City at the lowest possible cost. <br /> 4. The City will provide the Minnesota Department of Employment and Economic <br /> Development (the "Department") with the information required by Minnesota Statutes, Section <br /> 469.154, subdivision 5, upon entering into a revenue agreement (as defined in the Act) with the <br /> 1 <br />