PRILIMINARY OFFIC STATEMENT 11-15-2001 44.

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General Orono Senior Housing,LLC,a Minnesota limited liability company,was established in February, 2001 to purchase, own, and operate facilities such as the Project. The sole member of the Borrower is the Sponsor. To date,the Borrower has conducted no business, other than in connection with the offering of the Series 2001 Bonds and the proposed acquisition and construction of the Project,has no operating history, and has no significant assets and no liabilities. The Borrower has no employees and expects to have no employees. The proceeds of the Series 2001 Bonds, together with other funds, will be used by the Borrower to develop, acquire, construct and equip the Project as described herein. The land on which the Project will be located will be purchased from Union Land, LLC, which has agreed to sell the land to the Borrower for a purchase price of$822,000. The Borrower shall convey fee simple title to the land to the Orono Housing and Redevelopment Authority (the "HRA") in consideration of the issuance of the TIF Note. The HRA will lease the land to the Borrower pursuant to the Ground Lease. Governance and Management The management and direction of the business of the Borrower is vested in its Board of Governors. The Borrower's sole member is the Sponsor. The number, terms of office, powers, authorities, and duties of the governors of the Borrower,the time and place of their meetings, and such other regulations with respect to them as are not inconsistent with the express provisions of the Articles of Organization of the Borrower, are specified from time to time in the Operating Agreement of the Borrower. The Operating Agreement of the Borrower provides for a minimum of one (1) governor and no maximum number of governors on the Board of Governors. The Board of Governors and the officers of the Borrower is currently comprised of the following persons: Name PositionJohn A. Wedum Governor/Vice President/Treasurer Dale A. Vesledahl Governor James Cooper Governor/President/Chief Manager Shawn Beus Secretary John A. Wedum, Governor, Vice President, Treasurer, is, and has been since 1989, the managing director and portfolio manager for the Sponsor, Wedum Foundation. From 1985 to 1989, Mr. Wedum was the Chief Financial Officer and a member of the Board of Directors of Health Systems Integration, Inc. and a member of the Board of Directors of its acquiring company Compucare,Inc. Prior to that,Mr. Wedum was engaged in a number of business enterprises, including a wholesale heating and plumbing supply business, several retail gasoline stations, an LP gas business, solid waste developments, real estate development and the hardware business. From 1952 to 1956 Mr. Wedum was a Supply