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City of
<br /> Elk
<br /> River Resolution No. 17-
<br /> Resolution Consenting to the Issuance of Refunding Revenue Bonds
<br /> Under Minnesota Statutes, Chapter 462c, by the City of Otsego, for
<br /> the Refunding of Outstanding Revenue Bonds Issued by the City of Elk
<br /> River and the City of Albertville
<br /> BE IT RESOLVED by the City Council of the City of Elle River, Minnesota(the "City"),
<br /> as follows:
<br /> 1. Authority and Bond Refunding. Pursuant to Minnesota Statutes, Chapter 462C,
<br /> as amended (the "Act"), the City issued its Revenue Bonds (Evans Park, Inc. Project), Series
<br /> 2011, in the original aggregate principal amount of$3,600,000 (Series "2011 Bonds"), and
<br /> loaned the proceeds thereof(the "Loan") to Evans Park, Inc., a Minnesota nonprofit corporation
<br /> (the "Borrower"), to provide financing for the following facility, including related site
<br /> improvements, equipment and furnishings (the "Facilities"): a 30-unit memory care addition to
<br /> the Borrower's then-existing senior assisted-living development known as "Guardian Angels by
<br /> the Lake," located at 13439 185th Lane NW, in the City of Elle River.
<br /> The Borrower has proposed that the Series 2011 Bonds be refunded in full in order to
<br /> provide refinancing for the Facilities, and has further proposed that: (i) the outstanding
<br /> Refunding Revenue Bonds (Evans Park, Inc. Project), Series 2013, issued by the City of
<br /> Albertville (the "Series 2013 Albertville Bonds"), with the consent of the City of Elle River, also
<br /> be refunded in full to provide refinancing for the Borrower's original 60-unit facility known as
<br /> "Guardian Angels by the Lake" and its 36-unit rental independent senior housing facility known
<br /> as "Evans Park;" and (ii) the outstanding Revenue Bonds (Evans Park, Inc. Project), Series 2013,
<br /> issued by the City of Otsego, Minnesota, in the original principal amount of$10,000,000 (the
<br /> "Series 2013 Otsego Bonds"), also be refunded in full to provide refinancing for the Borrower's
<br /> Engel Haus facility, a 63-unit independent, assisted living and memory care facility for rental to
<br /> seniors, located at 5101 Kassel Avenue NE, in the City of Albertville.
<br /> The Borrower has further proposed that refunding revenue bonds (the "Refunding
<br /> Bonds"), in one or more series, be issued therefor by the City of Otsego (the "Issuer"), to refund
<br /> in full the Series 2011 Bonds, the Series 2013 Otsego Bonds and the Series 2013 Albertville
<br /> Bonds (all collectively referred to as the "Refunded Bonds"), in accordance with the Act,
<br /> including Section 462C.14, Subd. 3, thereof, and Minnesota Statutes, Section 471.59 (sometimes
<br /> referred to as the "Refunding"), subject, among other things, to the consent of the City of Elle
<br /> River confirming the necessity of the joint action proposed to be taken.
<br /> The Borrower has further proposed that the City, the Issuer and the City of Albertville
<br /> enter into a Cooperative Agreement providing for the issuance of the Refunding Bonds by the
<br /> Issuer. The proposed form of the Cooperative Agreement has been placed on file in the offices
<br /> of the City.
<br /> 2. Findings. It is hereby found, determined and declared that:
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