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Ol�'ices in <br />� � Nfinneapolis <br />• � Sainr �aui <br />r <br />5t. CIaud <br />G I-i A}Z F E R � D <br />�ed�tesday, rufy20, 2Q11 <br />470 U:S. Bank Pla�a <br />200 5outh Sixrh 5treer <br />314enneapolis, MN 55402 <br />(G12).337-9300 te[ephonc <br />(G12j 337-'�310 Eax <br />wwx:kennedy-graven.cpm <br />A#iirma�tive ACtion, Equal Oppaimniry Emplayer <br />'Patrick Klaers <br />Admuiistrator <br />City of Arden Hills <br />I Z45 Highway 96 West <br />Arden Hills, Minnesots 55112-5743 <br />Re: Presbyterian I�omes of Arden Hills, Inc. Project <br />At its rneeting on Monday, J'une 27, 2011, the City. CounciI oi t'he Citjr af Arden Hills <br />(the "Ciiy°') adopted Resoiutian No. 2011-034 (the "Initia.l. Rasaiutiod'), whieh established the <br />da#e �or a public �iearing (Monday, July 25, 2011) witla respeot to a proposal i'rom Fr�s�yterian <br />Hozuss of Arden Hills, Inc., a Mir�esota nonprof�t corporation (fh� "Comgan�'}, t]xa� the City <br />issue r�venue abligations (tlte "Revenue Obligatians"} un.der th,e Muxsieipal Housing Act, <br />Iv�innesota Statutes, Chapter 462C, as amended (the "Housing Aat"), to fnance the proposed <br />davelopment by the Company of a senior �ousing facil�.ty camprisin� indepe�dent fiving. iinits, <br />assisted living uzaits, azid memory-care units (a cambined total of approxiinateIy 200 dvvelling <br />units} to be located at 3124 and 3220 Lake Jahanna Boulevard in the City (tlje °`Fxaj:eet"}: The <br />Praject will replace an existing seniar housing facility of the Company located at the same <br />address. <br />The Init[al ResoIution .approyed the forrn of a natice af public hearing and authaz�zed its <br />publica�ion. Ptixsuant to se�ch c�irec�ion, the notice of publ�c hearing was published in the <br />Shorevieux-Arden Hills Bulletin once on Wednesday, July fi, 2U11. <br />Tl7e In'itial Resolution direoted and authorized the preparation of a housing program in <br />aacordance r�th the requirexn�nits of the Housing Act and rlirected and authorize�. ihe: submission <br />af the hausing program io the 1VIetropolitar� Counci� for its revaew arnd comment. A housing <br />prograrn with respect to the Praject (the "Ha�ising Frograzn"} was prepared and d�livered to the <br />1VIe#xopolitan CounciI on or tiefnre the dats of publication af �e nofi�e of public �earing. A <br />cornm�nt Ietter, dated July I 1, 2011, vvas received from the Metrop.oli#an Co�nail. <br />Folfowing tha publio hearing an Monday, July 25, it is proposed that the City Council <br />consider a resolution {the "Pretirninary Rssolution"� VfrI1IC�'1 takes the following actions; <br />(i) approves the Housing Program; (ii) gran#s preliminary approval to the issuance of �he Revenue <br />Obligations hy the Ciiy to f-�nance #he Projee�; anri (iii) au�liorizes �ez�tain aotions to he taken by` <br />the City and �he Company in connection wi,th the. financing af tlie Project. <br />T1�e Company has gropased to have the Revenue Oblfgations issued as "qualifed tax- <br />ex�mpt obligatiaz�s" as dafined in Section 2G5(b){3) of the Iritemai Ravenue Code af 1986, as <br />amended (#�e "Code"). QuaIified tax-exernpt abiigatians are som�etimes re%rred to as "banlc- <br />qualified 6onds." Since no issuer of ta.x-e�empt bar�ds rnaq designate rnore than $1U,00..0,000 of <br />ta�c-exempt bon�s as bank quatified bonds in a calenclar year, the Company ha� requested tb.at the <br />-I- <br />