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<br />e <br /> <br />e <br /> <br />e <br /> <br />Ext!"act of Minutes of a Meeting of the <br />City Council of the <br />City of Elk Rive!", Minnesota <br /> <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of <br /> <br />the City of Elk River, Minnesota was duly held at the City Hall in said City on Monday, the 5th <br /> <br />day of March, 2007, at 6: 30P.M. <br /> <br />The following members were present: Acting Mayor Gumphrey, Councilmembers <br />Zerwas, Farber, and Motin <br /> <br />and the following were absent:Mayor Stephanie Klinzing <br /> <br />Member Motin <br /> <br />introduced the following resolution and moved its <br /> <br />adoption: <br /> <br />RESOLUTION 07-34 <br /> <br />RESOLUTION APPROVING A HOUSING PROGRAM <br />AND AUTHORIZING EXECUTION <br />OF VARIOUS DOCUMENTS IN CONNECTION WITH THE <br />ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS <br />(BIRCHWOOD COURT APARTMENTS PROJECT) <br /> <br />WHEREAS, the City of Elk River (the "City") has received a proposal from Elk River <br />Leased Housing Associates II, LP, a Minnesota limited partnership (the "Company"), that the <br />City issue its revenue bonds in the aggregate principal amount of up to $2,500,000 to finance the <br />acquisition and renovation of a low and moderate income multifamily housing development <br />located at 1227 School Street NW in the City (the "Project"); and <br /> <br />WHEREAS, pursuant to Minnesota Statutes, Section 462C.Ol and 462C.03, the City has <br />prepared a housing program (the "Housing Program") in connection with the Project; and <br /> <br />WHEREAS, in accordance with Minnesota Statutes, Sections 462C.OI(2) and 462C.04, <br />subd. 2, the City has held a public hearing on the Housing Program and the issuance of revenue <br />bonds of the City to finance the Project. <br /> <br />NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Elk <br />River, Minnesota, as follows: <br /> <br />I <br /> <br />0;- 3'-/ <br />