Orono Woods Financial Package-Resolutions

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The City, in adopting the Program, considered the potential financing impact of a bond issuance on affected public agencies. In addition, the City reviewed the method of marketing the Program. Such review examined the equal opportunity for participation by (i) minorities; (ii)households with incomes at the lower end of the range that can be served by the Program; (iii)households displaced by public or private actions; and (iv) accessibility to the handicapped. The Project will be constructed and financed pursuant to Subdivision 1(a) of Section 462C.05 of the Act. Subsection A. Definitions. The following terms used in this Program shall have the following meanings, respectively: (1) "Act" shall mean Minnesota Statutes, Chapter 462C, as currently in effect and as the same may be from time to time amended. (2) "Authority" shall mean the Orono Housing and Development Authority. (3) "Bonds" shall mean the revenue bonds to be issued by the City or at the discretion of the City, the Agency,to finance the Program. (4) "City" shall mean the City of Orono, State of Minnesota. (5) "Housing Unit" shall mean any one of the apartment units located in the Project, occupied by one person or family, and containing complete living facilities. (6) "Land" shall mean the parcel of real property upon which the Project is to be constructed. (7) "Owner" shall mean Wedum Foundation, a Minnesota nonprofit corporation or Orono Senior Housing, LLC, a Minnesota limited liability company. (8) "Program" shall mean the program for the financing of the Project pursuant to the Act. (9) "Project" shall mean the 62 unit senior housing facility to be located at Brown Road and Wayzata Boulevard. Subsection B. Program For Financing the Project. It is proposed that the City establish this Program to provide financing for acquisition of the Land and construction of the Project thereon by the Owner at a cost and upon such other terms and conditions as are set forth herein and as may be agreed upon in writing between the City, the initial purchaser of the Bonds and the respective Owner. To do this,the City or, upon authorization by the City,the Authority, expects to issue Bonds the proceeds of which will be loaned to the Owner for financing the acquisition of the Project. If determined to be necessary, a trustee will be appointed by the City to monitor the disbursement of proceeds of the Bonds and payments of principal and interest on the Bonds. The cost of any additional security devices for the Bonds will be borne by the Owner and payable in addition to the principal and interest on the Bonds except as otherwise provided by resolution of the City.