7F, Request from Presbyterian Homes for Conduit Fina

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MHC Nonprofit Tax-Exempt Finance Specialists 740 Mississippi Blvd. S., Suite MA St. Paul, Minnesota 551 i6 O:(651)455-8300 C:(65l)308-0949 Email: mhealthcan(cc�,aol.com PHM&S Office Building, LLC www.preshomes.org Executive Summary Dated: May 21, 200$ MHC has been engaged by PHM&� Office Building, LLC ("Obligor") to arrange a tax- exeznpt financing of its scheduled office expansion z�ain office building and a refinancing of its ouistanding mortgage. Please keep this request %r financing confidential. Overview: The Obligar is seeking a bank-qualified tax-exempt martgage note in the amount of $4.4 million ta finar�ce a$4.9 rnillion off ce building addition less a Presbyterian Homes $1.0 million equity contributian, and to redeem the $860,000 current office building acquisition �nortgage. Parties to the Transaction: Obli�or: PHM&S O�fice Building, LLC {single rnember LLC of Presbyteriaza. Homes Management and Services, Inc.) is organized as a Minn.esota nonprofit 501{c}(3} corporation. The office building is located at 2845 Hamline Avenue North, Roseville, MN SS113. Issuer: The City of Roseville, MN will act as Host City since it does not have the capacity to issue this noie as bank-qualified in 2008. Consequently, MHC will approach other nearby suburban cities with a request that it serve as Issuer in this combined refinaxzcing and financing. The Issuer/host cities will be asked to consider an iniiial resolution calling for a public hearing. Following the public hearing, the Issuer will be asked to apprave a final resolution granting its approval to serve as Issuer in this banlc-c�ualif ed, t� ' exempt finanancin�; the Issuer vcrill issue this note on a nan-recaurse basis, the lender's sole soujrce of repayment will be froxn ihe capitalization and future succeasful operation of the Qbligor. Transaction Manager: Steve Fenlon