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ARDEN HILLS CITY COUNCIL — August 29, 2011 5 explained that Presbyterian Homes is now requesting the Council consider a resolution authorizing the issuance of two bond issues, Series 2011A for $10,000,000 and Series 2012A for $10,000,000. Because we can only issue $10,000,000 of bank qualified debt per calendar year, they are issuing $10,000,000 in 2011 and $10,000,000 in early 2012. They are using another "host" city to issue the remaining $14,000,000 in a similar manner. The City of Arden Hills will receive the entire fee as if we issued the $34,000,000. The City's bond counsel has provided a letter and is present at tonight's meeting, as is a representative from Presbyterian Homes, to answer any additional questions the Council may have. MOTION: Councilmember Holden moved and Councilmember Holmes seconded a motion to Adopt Resolution 2011 -042, a resolution authorizing the issuance and sale of Senior Housing Revenue Notes (Presbyterian Homes of Arden Hills, Inc. Project), Series 2011A and Series 2012A, in the original aggregate principal amount not to exceed $20,000,000; approving the form of and authorizing the execution and delivery of the notes, loan agreements, and certain related documents; and providing for the security rights, and remedies with respect to the notes. The motion carried unanimously (5 -0). B. Planning Case 11 -016: PUD Amendment and Preliminary and Final Plat for the Arden Plaza Redevelopment Proposal City Planner Meagan Beekman explained that in June 2009, the Council approved a redevelopment application for Arden Plaza retail center, including the demolition of the existing office pod buildings, subdivision of the parcel into four lots, and the construction of four new buildings. The entire project was planned to have been completed in three phases. Since the approval of the Master and Final PUD for Phase 1, the developer's negotiations with Walgreens stalled and the developer has since negotiated with CVS Pharmacy. Therefore the developer is proposing amendments to the Final PUD for Phase 1 in terms of layout and timeline. She stated that at the May 16, 2011, Council Work Session, Arden Plaza and CVS Pharmacy presented their concept plan and the Council expressed general support for the project and directed the developers to move forward with their application. City Planner Beekman explained that new to the proposal since the August 3, 2011, Planning Commission meeting, Arden Plaza is proposing some interim improvements to the existing parking lot and retail building while they work on a long term plan for that area. A long term plan will be required as part of Phase II. As part of Phase I, and in conjunction with the construction of the CVS Pharmacy, Arden Plaza is proposing the following improvements: • Repair the wood paneling behind the business signs, then paint /stain wood paneling; • Spruce up the existing planters in the front of the center; • Replace "Cleaners" and "Great China" signs; • Replace all four "Arden Plaza" signs; • Remove the five white pedestrian lights to the west of the drainage pond when the same lights along the entrances are replaced; • Landscape the parking lot island where the fire hydrant is located; • Add landscaping to the tiered rock area along the retaining wall; • Paint the existing stucco on the two towers;