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Page 1 of 1 <br /> <br />NEW BUSINESS – 8B <br /> MEMORANDUM <br /> <br />DATE: May 11, 2015 <br /> <br />TO: Honorable Mayor and City Council Members <br /> Patrick Klaers, City Administrator <br /> <br />FROM: Sue Iverson, Director of Finance and Administrative Services <br /> <br />SUBJECT: Presbyterian Homes Request for Conduit Debt Financing <br /> <br />Action Requested <br /> <br />Approval of Resolution 2015-032, calling for a public hearing and authorizing <br />publication of a notice of public hearing with respect to the proposed issuance of revenue <br />bonds under Minnesota Statutes for the benefit of Presbyterian Homes of Arden Hills, <br />Inc. <br /> <br />Background <br /> <br />The City has issued Conduit Debt for Presbyterian Homes in the past and is now looking <br />to proceed with Phase 2 of their development, the Johanna Shores Brownstones. <br /> <br />Discussion <br /> <br />Presbyterian Homes of Arden Hills, Inc. has submitted an application to the City with <br />respect to the requested host approval and has submitted a non-refundable application fee <br />in the amount of $500 according to our City procedure for application for Private Activity <br />Revenue Bond Financing. <br /> <br />In the attached letter from the City’s Bond Counsel, John Utley, the project is <br />summarized and outlines the process needed to proceed with this request. The initial <br />resolution approves the form of a notice of public hearing and authorizes its publication <br />to be held on June 8, 2015. <br /> <br />The City’s Bond Counsel, John Utley and a representative from the Presbyterian Homes <br />will be present to discuss this matter with the City Council. <br /> <br />Attachment <br /> <br />Attachment A: Letter from John Utley, Kennedy & Graven Letter <br />Attachment B: Resolution 2015-032