76-060 - Laserfiche WebLink

Home Browse Search

. . . . _ .. . . - _. . _ . . . . .. - _ . . . .. . � :., d � � - .. . � � .. � .. . . .. . . � �.. . (c) The City Council has received fr��m Homes a proposal, which proposal is outlined in a letter, <� copy o#' : which is attached hereto as Exhibit A,that the City ,�.ssist:in , the financing of the Project through the issuance of a Revenue Bond,which may be in the form of a note�pursuant.to the Act. �, ,(. � 1 �(d) The City of Arden Hills desires to facili- '� \�: tate the selective development of the community and to help -� it provide the range of services and employment opportunities required by its population and said Projec� will assist the City in aehieving that objective. . (e) The Homes is:currently engaged in opera�ing a nursing home facility for the elderly. The Project to be finariced by the proposed Revenue Bond is a nursing home:and outpatient facility for the elderly and consists of the acqui,- sition of land and existing facilities, the remodelin.g thereof and construction of additio.ns thereto, and will result in the employment of approx3mately 175 additi'ona.l persons to work 'within the facilities. - i (f) The City has been advised by represent�.- , tives of the Homes that (i) Homes has its own financial equity capital sufficient to meet the standard financing requirements . for equity capital, (ii�:that conventional, cominercial financ- IE ing to pay the capita1 cost of under�aking the Projec'c is available only at such costs of borrowing that the economic. feasibility of undertaking the Project would be reduced, but Homes has also advised this Council that with the aid of � municipal financing, and its resulting low borrow�ng cost, tYie � Proj ect i,s` economically enhanced. (g) Juran & Moody, Tnc., Investment Bankers, Saint Paul, Minnesota, has advised that on the basis of in- formation submit'ced to them, their discussions with repre-- sentatives of the Homes, and discussions with financial insti- tutions�interested zn buying the Revenue Bond, such bond could ' i,n their opinion be issued and sold upon #'avorable rates and terms in the amount required. -- - -� NOW, THEREFORE, BE TT RESOLVED by the City Council, • of the Ci.ty of Arden Hi11s, ,Minneso'ca, as follows : ; : � l. The'Council hereby gives preliminary approval to the proposal of the Homes that the City undertake to assist � in financing the Project pursuant to Chapter 47�4, Minnesota � Statutes, consisting of the acquisition, canstruction and �_, in.stallation of facilities within the City pursuant to HomesT ` specifications suitable f'or the operations described above, -2- a