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C H A R T E R E ❑
<br />Offices in
<br />Fifth Street Towers
<br />150 South Fifth Street, Suite 700
<br />Minneapolis
<br />Minneapolis, MN 55402
<br />(612) 337-9300 telephone
<br />Saint Paul
<br />(612) 337-9310 fax
<br />St. Cloud
<br />kennedy-graven.com
<br />Affirmative Action, Equal Opportunity Employer
<br />Thursday, April 27, 2023
<br />Dave Perrault
<br />City Administrator
<br />City of Arden Hills
<br />1245 West Highway 96
<br />Arden Hills, Minnesota 55112
<br />Attachment A
<br />SOFIA E. LYKKE
<br />Attorney at Law
<br />Direct Dial: (612) 337-9283
<br />Email: slykke@kennedy-graven.com
<br />VIA EMAIL
<br />Re: Resolution relating to the approval of an amendment to the City's Series 2015 Note, Series
<br />2011A Note, and Series 2012A Note, issued for the benefit of Presbyterian Homes of Arden
<br />Hills, Inc.
<br />Dear Mr. Perrault:
<br />I write regarding certain outstanding tax-exempt conduit revenue obligations issued by the City of Arden
<br />Hills, Minnesota (the "Cily"), including the Series 2011A Note, Series 2012A Note, and Series 2015 Note
<br />(each, as defined below), the interest rates on which are proposed to be modified. Such modifications
<br />require the City's approval.
<br />On September 9, 2011, the City issued its Senior Housing Revenue Note (Presbyterian Homes of Arden
<br />Hills, Inc. Project), Series 2011A (the "Original 2011A Note"), in the original aggregate principal amount
<br />of $10,000,000. The City loaned the proceeds of the Original 2011A Note to Presbyterian Homes of
<br />Arden Hills, Inc., a Minnesota nonprofit corporation (the "Borrower"), pursuant to a Loan Agreement,
<br />dated as of September 1, 2011 (the "2011A Loan Agreement"), between the City and the Borrower, for
<br />the purposes of financing the acquisition, construction, and equipping of an approximately 166-unit
<br />multifamily housing development consisting of a senior rental housing facility comprised of independent
<br />living units, assisted living units, and memory -care units (the "Phase I Project") located at 3120 and 3220
<br />Lake Johanna Boulevard in the City of Arden Hills, Minnesota ("Arden Hills") and paying certain
<br />financing and issuance costs related thereto.
<br />On January 3, 2012, the City issued its Senior Housing Revenue Note (Presbyterian Homes of Arden
<br />Hills, Inc. Project), Series 2012A (the "Original 2012A Note"), in the original aggregate principal amount
<br />of $10,000,000. The City loaned the proceeds of the Original 2012A Note to the Borrower, pursuant to a
<br />Loan Agreement, dated as of January 1, 2012 (the "2012A Loan Agreement"), between the City and the
<br />Borrower, for the purposes of financing the costs of the acquisition, construction, and equipping of the
<br />Phase I Project and paying certain financing and issuance costs related thereto.
<br />The Original 2011A Note and the Original 2012A Note were purchased by Bremer Bank, National
<br />Association, a national banking association (the "Lender").
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