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ORONO HOUSING AND REDEVELOPMENT AUTHORITY <br /> CITY OF ORONO <br /> HENNEPIN COUNTY <br /> STATE OF MINNESOTA <br /> RESOLUTION NO. 2001-03 <br /> RESOLUTION AUTHORIZING THE EXECUTION <br /> AND DELIVERY OF A DEVELOPMENT <br /> AGREEMENT, INCLUDING A GROUND LEASE <br /> AND A TIF NOTE. <br /> WHEREAS, the City of Orono, Minnesota(the "City") is proposing to issue its <br /> Senior Housing Revenue Bonds (Orono Woods Apartment Project), Series 2001 (the <br /> "Bonds") in an aggregate principal amount of not to exceed $9,000,000 and to loan <br /> the proceeds thereof to Orono Senior Housing, LLC, a Minnesota nonprofit <br /> corporation (the "Owner") to finance a portion of the costs of developing, acquiring, <br /> constructing and equipping a 62-unit multifamily housing development for seniors <br /> located in the City(the "Project"); and <br /> WHEREAS, the City will loan the proceeds of the Bonds to the Owner <br /> pursuant to a Loan Agreement, dated as of November 1, 2001, between the City and <br /> the Owner; and <br /> WHEREAS, the Owner has requested that the Board of Commissioners (the <br /> "Board") of the Orono Housing and Redevelopment Authority (the "HRA") provide <br /> additional financing to the Project in the form of tax increment financing; and <br /> WHEREAS, the Board previously adopted the Development Plan for Housing <br /> Project No. 1, established Tax Increment Financing District No. 1-1, and adopted the <br /> Tax Increment Financing Plan therefor, (collectively, the "Plans"), all pursuant to and <br /> in conformity with applicable law, including Minnesota Statutes, Sections 469.001 <br /> through 469.047, and Sections 469.174 to 469.179, inclusive, as amended (the "Act"); <br /> and <br /> WHEREAS, forms of the following documents (including the exhibits referred <br /> to therein) have been submitted to the Board: <br /> (a) a Development Agreement (the "Development Agreement), <br /> dated as of November 1, 2001, between the City, the HRA and the <br /> Owner, pursuant to which the Owner agrees to construct the Project and <br /> the HRA agrees to provide tax increment financing for the Project); <br /> (b) a Ground Lease (the "Ground Lease"), dated as of November 1, <br /> 2001, between the HRA and the Owner, pursuant to which the HRA <br /> agrees to lease the Development Property(as defined in the Ground <br />