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Attachment C MEMORANDUM TO: Mayor Grant and Members of the Arden Hills City Council Sue Iverson, Finance Director FROM: Catherine J. Courtney, Briggs and Morgan, P.A. Bond Counsel to the Cities of Spring Park, St. Bonifacius and Chanhassen DATE: April 21, 2014 RE: Refunding of the City of Spring Park, Minnesota $28,000,000 Housing and Health Care Revenue Note, Series 2010 (PHS/Lake Minnetonka Campus Thereto Proposed Financing: It has been proposed that the referenced Series 2010 Note be refunded by the issuance of three separate notes in the approximate amount of $9,300,000 each by the Cities of Spri ffiliate of Presbyterian Homes and Services. In 2010 the City of Spring Park requested host approval from the City of Arden Hills in the City. The issuance of the Refunding Notes still includes facilities located in the City, so it is necessary for the Issuers to request host approval by the City once again. Project to be Refinanced Note f refunding to iterate what the 2010 Note financed. None of the proceeds of the Refunding Notes will used for new money projects, the issues are strictly refunding the Series 2010 Note: construction, and equipping of new facilities, the demolition of 2 existing buildings, and the renovation of existing facilities to create a senior housing development that consists of 236 senior housing units, including 166 independent living units, 52 assisted living units, 18 memory care units, and an approximately 20,000 square foot town center for use by the residents of the senior housing units located at 4501, 4523, 4527, and 4599 Shoreline Drive in Spring Park; (ii) refund Spring Park's outstanding Multifamily Housing Revenue Bonds (Presbyterian Homes Housing and Assisted Living, Inc. Project) Series 2007 which were issued to finance the acquisition and renovation of a 75-unit multifamily housing development comprised of 2 buildings located at 4601/09 Shoreline Drive and 6096125v2