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. . . ARDEN HILLS CITY COUNCIL - SEPTEMBER 27, 1999 7 And to direct staITto publish Ordinance #315 and summary of the OrclinaI1ce with the modilications as stated above. Councilmember Malone requested an amendment to the motion to state that, in adopting this Ordinance, the current City Council feels that under certain circumstances variances may be appropriate in order to encourage the placement of buildings closer to the roadway with the parking to the rear. Councilmembers Larson and Aplikowski concurred with the amendment. The motion carried unanimously (5-0). Mayor Probst commended staff and the Planning Commission for the work involved in creating the new Zoning District which will be a positive aspect to the City. B. Resolution #99-32, Providing for the Issuance and Sale of Senior Housing Revenue Bonds to Provide Funds for a Senior Housing and Health Care Project (Presbyterian Homes of Arden Hills, Inc. Project) Mr. Post explained that the City of Arden Hills was being asked to issue and sell a total of $25,766,000 in two bond issues for Presbyterian Homes of Arden Hills, Inc. in order to provide financing with respect to costs of the refinancing, acquisition, construction or renovation for housing and/or health care facilities at several locations. These facilities are located in Arden Hills, Little Canada, Spring Park and Bloomington, Minnesota, and Ankeny, Iowa. The City has, on several occasions, worked with Presbyterian Homes to help facilitate the issuance of Revenue Bonds. This action being requested of the City Council will be the last in a series of steps taken thus far this year regarding this issue. The original projection by Presbyterian Homes had been approximately $32,000,000 and has been reduced according to their current projected needs. Mr. Post stated that he had been in contact with both the Presbyterian Homcs as well as U.S. Bank Corporation and had learned that Presbyterian Homes had been able to successfully obtain title insurance for all the properties. Mr. Post advised that the City Council was being asked to adopt Resolution #99-32 entitled, "Resolution Providing for the Issuance and Sale of Senior Housing Revenue Bonds to Provide Funds for a Senior Housing and Health Care Project (Presbyterian Homes of Arden Hills, Inc. Project)," substantially in the form presented subject to non-substantial changes being approved by the City Attorney and Interim City Administrator; and authorize Mayor and Interim City Administrator to execute all necessary documentation. Mr. Post stated that Mr. Mark Meyer, representing Presbyterian Homes of Arden Hills, Inc., was available to answer questions.