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CCP 10-09-2001
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CCP 10-09-2001
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<br />ARDEN HILLS CITY COUNCIL - SEPTEMBER 10,2001 <br /> <br />DRAFT 2 <br /> <br />is bank qualified rcsulted in considerable savings to Presbyterian Homes. He stated the city <br />would issue the bonds without recourse. He noted there was no legal or financial obligation to <br />repay the bonds on part of the city. <br /> <br />. <br /> <br />Mayor Probst stated the city has done this at least twice, would incur no obligation to the <br />community and has no affect on its bond rating. Mr. Lynch concurred. He stated since the city <br />was bank qualified it had to account for these bonds when considering its debt. <br /> <br />Mr. Fenlon stated the city must only pass the test once and only in the year, the bonds were sold. <br />He noted the test is whether the city reasonably cxpects to issue 10 million dollars in bonds, <br />which would include these bonds. He addcd if there was a later emergency bond issue, it would <br />not affect the test. He stated after the year the bonds were sold, the city would never go through <br />that test again. <br /> <br />Councilmember Rem asked if this bond was bond strictly for remodeling in Arden Hills and not. <br />for additional acquisitions. Mr. Fenlon responded in the affirmative. He stated it was only for <br />capital improvements in the Arden Hills facility. <br /> <br />Councilmember Larson statcd the resolution references ajoint powers agreement. He asked <br />when the city would see a draft of the joint powers agreement. Ms. Jenny Grain, Bond Counsel, <br />responded she would distribute it any time the Council desires it. She stated the City of Arden <br />Hills and the City of Bloomington would be parties to the joint powers agreement. She noted <br />under state law, to issue bonds for housing projects a city is authorized to do it in its jurisdiction . <br />or where there is a joint powers agreement in effect. <br /> <br />An unidentified resident of Shorewood Drive, stated his property abuts the eastern side of the <br />Presbyterian Homes facility. He noted this past August 7th he was served a summons. He added <br />Presbyterian Homes wanted to merge parcels of land. He stated that five days later he received a <br />letter from Presbyterian Homes CFO Mark Meyer. He noted in that letter, Presbyterian Homes <br />claimed they wanted to assure the residents there was no major remodeling or construction. He <br />added that in a later meeting they said it again. He stated the neighbors were concerned about an <br />increase in capacity. He noted they did not challenge the merger of the land. He added his <br />concern that Presbyterian Homes was asking for money in Arden Hills. He asked if it was <br />absolutely guaranteed that Presbyterian Homes would perform certain predetermined <br />stipulations. <br /> <br />Mayor Probst stated he did not believe the residents needed to be concerned. <br /> <br />Mr. Mark Meyer stated the improvements in this financing have already been completed. He <br />noted the improvements were paid for from operating costs and this was the refinancing. He <br />added the summons related to a financing in 1995. He stated this related to replacing a chiller <br />and doing some cosmetic changes. <br /> <br />Mr. Fenlon stated 10% of this bond issue refers to Arden Hills. He noted of that $430,000 of it . <br />was for heating and ventilation. He added the remaining $90,000 related to repair type work. He <br />stated the company had to comply with the public notice. <br />
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