Laserfiche WebLink
� DEN HILLS <br />June 28, 2011 <br />Mark Meyer, Chief Financial Officer <br />Presbyterian Homes of Arden Hi11�, Inc. <br />c/o presbyterian Homes and Se�vices <br />2845 Hamlin� Ave. North <br />Rosevill�, MN: <br />RE: Contract for Private Development betwe�n City of Arden Hilis and Presbyterian <br />Homes of Arden Hilis, Inc. dated December 20, 2010 {the "Contract") <br />Dear Mr. Meyer: <br />As you know, the City o� Arden Hilis ("City} and Pres6yteriat� Hor�es of Arden Hi�ls, <br />Inc. ("Deveioper"} entered iz�to the above-referenced Contract, und�r which among ather <br />i�iings the City agreed to issue certain Housi�zg Revenue Bonds (as defined in the <br />Contract) according to certain tenns and condiiions. Section 7.1 {d} of tt�e Contract <br />provided that "Developer may not seek, and City will not consent to, issuance of any <br />series Housing Rev�nu� Bonds by any unit of governrr�ent other than the City." <br />De�eloper has novv requested that some por�ion of the Housing Revenue Bonds be issued <br />by other jurisdictians, in order to permit aIl such bonds to be issued as "qualified tax <br />exempt obligatior�s" urider Section 265(b){3} of the Internat Revenue Code of 1986, as <br />amended (a�so known as "bank qualified"). <br />The City hereby agrees to vcraive �he prvvisions of Sectian 7.1(d) of the Contrac�, on the <br />conditior� that Developer_ <br />1. Complies witll the City's Private Activity Bond Policies (as defined it� the <br />Co�tract) with respect to any Hausing Revenue Bands actuaily issued by the City; and <br />2. Pays to the City the ad�min�istrative fee described in Section 7.1(d) of the <br />Contract with respect to all Housing Revenue Bonds, whether issu�d by the City or any <br />ather jurisc�ictian (i.e., treating all such bonds as if issued by the City). If Housixig <br />Revenue Bands are issued by anat�er ju.risdictian, the fee (calcuIated as described in <br />Section 7.1{d) of the Contract) wilt be due ar�d payable to the C�ty on the day of closing <br />on s�ch bonds. Such fee is in addition to any fee that another jurisdiction rnay i�mpose <br />with respect to bands issued by that jurisdiction; and <br />3gR�q�v� S[R AR �(j_6o Arden Hills � 1245'4Vest High�vay 96 • Arden Hills, MN * 55112-5743 <br />Phone 651.792.7800 � Fax 651.634.�137 � www_ci.arden-hills.mn.us <br />