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(5) "Housing Unit" shall mean any one of the apartment units located <br /> in the Project, occupied by one person or family, and containing complete living <br /> facilities. <br /> (6) "Land" shall mean the parcel of real property upon which the <br /> Project is to be constructed. <br /> (7) "Owner" shall mean Wedum Foundation, a Minnesota nonprofit <br /> corporation or Orono Senior Housing, LLC, a Minnesota limited liability <br /> company. <br /> (8) "Program" shall mean the program for the financing of the Project <br /> pursuant to the Act. <br /> (9) "Project" shall mean the 62 unit senior housing facility to be <br /> located at Brown Road and Wayzata Boulevard. <br /> Subsection B. Program For Financing the Project. It is proposed that the City <br /> establish this Program to provide financing for acquisition of the Land and construction <br /> of the Project thereon by the Owner at a cost and upon such other terms and conditions as <br /> are set forth herein and as may be agreed upon in writing between the City, the initial <br /> purchaser of the Bonds and the respective Owner. To do this, the City or, upon <br /> authorization by the City, the Authority, expects to issue Bonds the proceeds of which <br /> will be loaned to the Owner for financing the acquisition of the Project. If determined to <br /> be necessary, a trustee will be appointed by the City to monitor the disbursement of <br /> proceeds of the Bonds and payments of principal and interest on the Bonds. The cost of <br /> any additional security devices for the Bonds will be borne by the Owner and payable in <br /> addition to the principal and interest on the Bonds except as otherwise provided by <br /> resolution of the City. <br /> It is contemplated that the Bonds shall have a maturity of up to forty(40)years <br /> and will be priced to the market at the time of issuance. The Bonds may be issued in two <br /> series, one of which has a claim on revenues senior to the other. <br /> The City will hire no additional staff for the administration of the Program. The <br /> City intends to select and contract with a financial institution or trustee experienced in <br /> trust matters to administer the Bonds. <br /> Insofar as the City will be contracting with underwriters, legal counsel, bond <br /> counsel, the trustee, and others, all of whom will be reimbursed from bond proceeds and <br /> revenues generated by the Program, no administrative costs will be paid from the City's <br /> budget with respect to this Program except as otherwise provided by resolution of the <br /> City. The Bonds will not be general obligation bonds of the City, but are to be paid only <br /> from properties pledged to the payment thereof, which may include additional security <br /> such as additional collateral, insurance or a letter of credit. <br /> Subsection C. Local Contributions To The Program. It is presently contemplated <br /> that there will be a local contribution of funds to the Project consisting of tax increment <br />