Laserfiche WebLink
°� v <br />�m' I���e�.� <br />�,A , 3„ <br />= ���.��� -:. <br />- e <br />OEf'icc's in 'j�� U:S. Bank I'I,»:a <br />?Ull Soueli SExil� 5creet <br />Mintie.apolis �1im���a�nlis MN S��ill2 <br />S1inC P3ci1 ��'��f 337.-`J3(1fi crlejihonc <br />(Gi�) 337-931t) F.Y.. <br />Si. Cf4t1� ht[p 1!+>��viv.�Cennedy-gravcn:e.om <br />a1}fihin3iieeA�ceon, L•qual Oppuriunic}� Cm�lovcr <br />JilLIE;A, �DDINGTON <br />A.E�am.cyat t,:�tiv <br />Dire.CE Dial:(6l2}337-.9?13 <br />Email: jeddingtan r[,i7kenneciy-gravcn,cam <br />rrfl����r �?o, ioa� <br />�ue Iverson <br />Finance ➢ire�tQr/'�'reasurer <br />City of Arden I�i1Ts <br />1245 �Vest Hi�h�vay 96 <br />Arden Hills, MN 5� 112 <br />Re; $9,QOO,OQO Educational Faei�ities Revenue Notes (1`�T�rthwestern .Colle�e:Piaject), Seri�s <br />2009 <br />Dear 5ue; <br />Enclosed please fnd tlie pxsliininaEy re5olution {tlie "Resolutioai") pro�osed to,lie co.nsidereci <br />by the Gity Cau��cil �the"Car.«��'il") of �e City o�Arclen Hills, Mtnnesnta {the "Ciiy") at its regularly <br />seheduIed rr�eefiing on Monday, Noverriber 30, 20Q9; in cannection w�ti� the abave-referenceci n�te. <br />issu� (tlae "Notesj'}. Tile Resalutioii provides prelimina .ry approva]'to t�ie issuanc.e, .delit�ery; and sale <br />of the Notes in an a�greg�te principaI amount not to excaed �9,OOQ;000 and. provii3e.s authority to' <br />subniit an a�splication tfl tlie Cornmis. sioner of i�ie Minnesota Dep�rtment of Lrnpl:oyment and <br />Econonlic Development {`°T3:�ED") far appro�al oF the I'roject (as described below) and the Not�s.: <br />A brief explanaiion of tl.le fina.neing �ollows. <br />Nar�[l�ves.tern Cqil�g�; a Nl�nnesafa noiiproft corporati:on {t��e "}3orriawer") has requested, <br />that tlie City iss�e the Nofes in a p�ineipal amount nat to. exceed .$9,DOO,QOQ; under Ivlinnesota: <br />St�l�t�s, Sections 46.9.15� #hrough 4G9.1G51, as amended (the "Act"j, Tl�e proce�ds deriv..ed. from <br />the sale. of t11e;Notes are proposed ta be loaned to th� Borrower gursuan� .to tl�e tertr,s .af'a LQan <br />A�'eetnent, dated on or after DeeeniUer 1, 2009:. (t1}e-"Laan Agree�nerit'°), b�tween the City and the <br />Borrower: Tlie.pio�e�c3s of the l.oan Gvill b.e apptied €o finai�ce tlie consiruction and .equipping of �n. <br />ap}�roxin3afely 70;OOD square foo# facil3ty, ��vhicll �vil] provide new di"ning facilit�es, an e.xpanded <br />carnpus store, student lounges; study areas, ot�ice space fnr shide�k organizafions, c�assro�ms, and <br />meetu�g spaces, to be'Ioaated a� on ihe por�ion of t11e NorLhimestern C.ar�zpus l.ocated v�iithin the City <br />(tlie "Project"}. A portion of tlte p�oeeeds of the Loan �vill also be,�pplied to �ayment of the costs of <br />issuance of.the No�es: <br />e Notes ace proposed ta.. be puichased by friends and alunuii: of the Borzawer (the <br />"Purchase�s").., Tl�e I�Jrites. wil] be issued ii-� denominations of $100;040 or mare and wiII be sold only <br />to sophistieated in�estors. <br />T1ie Notes are proposed to be issued a5 tax=exemp#.obIigations, the in[erest on �vhieli.is no# <br />includa}�1e iri gross incofne fn:r fedeial income fax pt�rpases. Under applicable provisions of#he.Act, <br />tlie Internal Revenue Code of 198G, as amended. and the Treasury Regulations pramutgated <br />tl�ereunder; as a condition la ti�e issuance of't�h� Notes, tlie Conncil n�ust concluct a public hearing at <br />which tl�e;Council must permit any �aerson to con-�ment an the proposed fnancing �ansaction and tl�e <br />faeilities to be fnanced with tl3e proceeds.a�the Nates: T'tie City'has been asked #o hold the pi►blic <br />he.a�irig ��,ritli respeci to the issuance of the Notes anii t3�e Project on.No�ecriber 3.�, 2009. <br />3666G3s�f !AG Ak2204-9 <br />