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AGREEMENT 2017-36
<br /> COOPERATIVE AGREEMENT
<br /> THIS COOPERATIVE AGREEMENT, dated as of December 1, 2017 (the "Cooperative
<br /> Agreement"), is made and entered into by and between the CITY OF ALBERTVILLE,
<br /> MINNESOTA ("Albertville"), the CITY OF ELK RIVER, MINNESOTA ("Elk River," and,
<br /> together with Albertville, individually or together referred to a"Host City" or the "Host Cities")
<br /> and the CITY OF OTSEGO, MINNESOTA (the "Issuer").
<br /> RECITALS
<br /> WHEREAS, Evans Park, Inc., a Minnesota nonprofit corporation (the "Borrower"), has
<br /> proposed that the Issuer issue its Refunding Revenue Bonds (Evans Park, Inc. Projects), Series
<br /> 2017A, Series 2017B and Series 2017C (the "Series 2017 Bonds"), in the original aggregate
<br /> principal amount of not to exceed $17,500,000, to refinance the Borrower's senior housing
<br /> facilities described generally as follows (referred to collectively as the "Project Facilities"):
<br /> (i) Engel Haus, 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, (ii) Guardian Angels by
<br /> the Lake, an assisted living and memory care facility for rental to seniors that includes 60 units
<br /> assisted living and 30 units of memory care accommodations, located at 13439 185th Lane NW,
<br /> in the City of Elk River, and (iii) Evans Park, a 36-unit rental housing facility for independent
<br /> seniors, located at 300 Evans Avenue NW, in the City of Elk River.
<br /> WHEREAS, the refinancing will be effected through the refunding, redemption and
<br /> prepayment of the outstanding revenue bonds consisting of. (i) the Revenue Bonds (Evans Park,
<br /> Inc. Project), Series 2013, issued by the City of Otsego, Minnesota, in the original principal
<br /> amount of$10,000,000; (ii) the Refunding Revenue Bonds (Evans Park, Inc. Project),
<br /> Series 2013, issued by the City Albertville, Minnesota, in the original principal amount of
<br /> $5,165,000; and (iii) the Revenue Bonds (Evans Park, Inc. Project), Series 2011, issued by the
<br /> City of Elk River, Minnesota, in the original principal amount of$3,600,000 (all such
<br /> outstanding bonds referred to collectively as the "Refunded Bonds"). The proceeds of the
<br /> Series 2017 Bonds will be applied to: (i) the refunding, redemption and prepayment in whole of
<br /> the Refunded Bonds; (ii) the funding of required reserves; and (iii) the payment of costs of
<br /> issuance of the Series 2017 Bonds (all collectively referred to as the "Refunding").
<br /> WHEREAS, pursuant to Minnesota Statutes, Section 471.656, as amended, a
<br /> municipality may issue obligations to provide financing for property located outside of the
<br /> corporate boundaries of such municipality if the issuance of such obligations is consented to by
<br /> each of corresponding municipality within which such property is located or if the obligations
<br /> are issued under a joint powers agreement in which one or more of the parties to the joint powers
<br /> agreement issue such obligations and the property is located entirely within the boundaries of
<br /> one or more of the parties to the joint powers agreement.
<br /> WHEREAS, pursuant to Minnesota Statutes, Section 471.59, as amended, by the terms of
<br /> an agreement entered into through action of their governing bodies, two or more municipalities
<br /> may jointly or cooperatively exercise any power common to the contracting parties or any
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