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Louisville Housing Authority <br />Resolution No. 2012-05 <br />RESOLUTION OF <br />HOUSING AUTHORITY OF THE CITY OF LOUISVILLE <br />(Lydia Morgan Apartments) <br />The undersigned, as the Chair ofthe Board of Commissioners of the Housing Authority <br />, hereby certifies that the following resolutions were <br />approved at a duly constituted meeting held on May 29, 2012: <br />WHEREAS, the Authority has worked with Louisville Housing Corporation, a Colorado <br />nonprofit LHC, in connection with the development, construction and <br />financing of the Lydia Morgan Apartments in Louis <br />Complex;and <br />WHEREAS, the Apartment Complex is owned by Lincoln Street Elderly Limited <br />the sole <br />general partner and which is operated pursuant to the First Amended and Restated <br />Agreement of Limited Partnership dated December 31, 1996, as amended (the <br />; and <br />WHEREAS, the limited partners of the Partnership are Banc One Neighborhood <br />Development Corporation (f/k/a Banc One Community Development Corporation) <br />and collectively with BONDC, the <br />WHEREAS, in connection with the development, construction and financing of the <br />Apartment Complex, the Authority was involved in several capacities, including selling <br />the land for the Apartment Complex to the Partnership, guaranteeing certain obligations <br />of LHC and of the Partnership to the Limited Partners, serving as property manager for <br />the Apartment Complex, and making certain loans to the Partnership in the aggregate <br />principal amount of $741,361.00 <br />WHEREAS, pursuant to the terms of the Partnership Agreement, LHC has an option to <br />acquire the interests of the Limited Partners on terms and for a price specified in the <br />Partnership Agreement, and the Authority has the right of first refusal to acquire the <br />Apartment Complex at a price and on terms specified in the Partnership Agreement; and <br />WHEREAS, the Authority, the Limited Partners and LHC have agreed upon terms upon <br />which the Authority will acquire the interests of the Limited Partners in the Partnership; <br />and <br />#107081 v2 bou <br />10 <br /> <br />