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F & C Ramsey, LLC (the "Developer") proposes to construct 230 multifamily rental housing units within the City (the "Project"). 50% of the housing units are intended for persons and families of moderate income and constitutes a housing development project under the Act and this Program. The initial owner of the Project is proposed to be the Developer. This Program is limited to the portion of the Project constituting a housing development project. The Project will be located in the area known as the COR in the City of Ramsey, Minnesota. The Project consists of 25 studio units, 128 one -bedroom units, 68 two -bedroom units and 9 townhouse units. Monthly rents are $850 for the studio units, $940-$1,060 for the one bedroom units, $1,250-$1,300 for the two -bedroom units and $1,650 for the townhouse units. The City intends to issue Taxable General Obligation Tax Increment Bonds, in one or more series, in an aggregate principal amount estimated not to exceed approximately $8,000,000 to finance a portion of the cost of the acquisition and construction of the housing development project and to provide pay as you go tax increment financing assistance in an amount not to exceed $3,000,000 for the housing development project. The Program will be monitored by the HRA. The HRA expects to enter into suitable agreements with the Developer and other necessary parties to ensure consistent compliance with the objectives of this Program, as well as with the requirements of applicable law. The need for the development described herein and for the assistance to be provided hereunder is found to exist by virtue of the HRA's discussions with private developers and the City's recent experience in attempting to promote or encourage private enterprise to promote the development of multi -family rental housing for moderate income persons and families. The HRA believes that this Program will help meet the identified needs under this Program. 4106107v2