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Resolution No. 17-$y_
<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 Elk 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 185`l' Lane NW, in the City of Elk 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, hic. Project), Series 2013, issued by the City of
<br />Albertville (the "Series 2013 Albertville Bonds"), with the consent of the City of Elk 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 Elk
<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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