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03-31-14-R
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03-31-14-R
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NEW BUSINESS 9B <br /> <br />MEMORANDUM <br /> <br />DATE: March 31, 2014 <br /> <br /> <br /> <br />TO:Honorable Mayor and City Council Members <br /> <br /> Patrick Klaers, City Administrator <br /> <br />FROM: Sue Iverson, Director of Finance and Administrative Services <br /> <br /> <br />SUBJECT: Calling for a Public Hearing to Grant Host Approval for <br />Presbyterian Homes Revenue Refunding Notes <br /> <br /> <br /> <br />Background <br /> <br />It has been proposed that the City of Spring Park $28,000,000 Housing and Health Care <br />Revenue Note, Series 2010 be refunded by the issuance of three separate notes in the <br />approximate amount of $9,300,000 each by three cities; Spring Park, St. Bonafacius, and <br />Chanhassen for a total of $27,900,000. (Please reference the letter attached from <br />Catherine Courtney from Briggs and Morgan, P.A. attached). Host approval is required <br />for the refunding notes as they still include facilities in the City of Arden Hills, so it is <br />necessary for the Issuers to request host approval by the City Council of Arden Hills. <br /> <br />Discussion <br /> <br />According to our Bond Counsel, John Utley, Kennedy & Graven, Chartered; the notes <br />cannot be issued as tax-exempt obligations unless a notice of public hearing is published <br />in a newspaper of general circulation in the City, the City Council conducts a public <br />hearing consistent with the terms of the public notice regarding approval of the notes, and <br />following the public hearing the City Council approves the issuance of the notes. (See <br />attached letter from John Utley). <br /> <br />Presbyterian Homes has submitted an application to the City with respect to the requested <br />host approval and has submitted a non-refundable application fee in the amount of $500 <br />according to our City procedure for application for Private Activity Revenue Bond <br />Financing. (See copy Attached). <br /> <br />At this time, the applicant is requesting the Council to set a Public Hearing date of <br />Presbyterian Homes will be present to answer any questions the City Council may have. <br /> <br /> <br />12 <br />Page of <br /> <br />
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