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� <br />�R�N H�LLS <br />MEMORA.NDUM <br />DATE: November 30, 2009 <br />TO: Honorable Mayor and City Cou�cil Members <br />Ron Moorse, City Administrator <br />FR4M; Sue Iverson, Finance DirectorlTreasurer <br />SUBJECT: Northwestern Coilege �ubtic Hearing for Tax-exernpt Financing <br />Sack�ronnd <br />The City Council approved a"Private Activity Revenue Bond Fiiiancir�b" procedure which <br />includes an application process and fees for those seeking to request the City to issue cond�it debt <br />on their i�ehaI£ Narthwestern College has filed an application aIong witt� the required application <br />fee of $500 to the City. <br />Northwesiern CoElege is requestir�g financing for a new facility — Community Life ComEnons <br />{student union) for its catripus. The maxi�nu�n amount of iinar�cing requested is $9,OOO,aoa. Tr►e <br />zoning of this project is under the tertr►s and condi�ions of the P�TD agreerr�ent betvveen the <br />College and the City approved in October, 2007. The City will be reimbursed and held harmless <br />far al] out-of-pocket expenses related to the �nancing aceording to t[�e City's ap�lication process <br />and the application fiied. Accordfng io the City's policy, �he City will receive 1/$ o� 1% (.125%) <br />of the outstanding principal ba�anee of the bonds annually, ihe first year this would amount tfl <br />$11,250 and the bonds are from 5 to 25 years. A representative from Northwestern College wili <br />be in attendance at the meeting to answer any questions. <br />The City's bond co�nsel has reviewed the application and l�as filled out the required DEED <br />application. The City Council adopted R�solution 2009-029 on October 26, 2009 calling for a <br />pubiic hearing on Novem�er 3d, 2Q09. Bond Counsei will be preseni ai the hearing to answer <br />any questions. <br />Attached are a reso�utian and a memo from the City's Bond Counset detailing the bond issuance <br />and the steps that need to be taken next. After the Pubiic Hearing, the Counci� will be as�Ced to <br />adopt ResoIution 2009-03G giving preliminary approval to the proposed issuance of revenue notes <br />under Minnesota Sta#utes, Sections 469.152 through 469.165 l, as amer�ded. A copy of <br />Narthwestern Col(ege's applicatio� and attac�ments (inciuding the D�ED applicatior�}, was <br />provided to the City Cauncil in th� Octo6er 26, 2009 agenda pacicet. <br />City Council Meeting <br />11Metro-inetlardenhiilslAdminlCouncillAgendas & Packet Ir►formation1200911 I-30-09 RegularlPacket <br />InformationlNorthwestern College_Public_Hearing.doc <br />Page 1 of 2 <br />