6A, Motion to Approve Resolution 2008-033

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... ."HluuS MEMORANDUM DATE: July 14, 2008 TO: Mayor & City Council FROM: James Lehnhoff, City Planner SUBJECT: Northwestern College Tax-Exempt Financing Public Hearing Reauested Action Motion to Approve Resolution 2008-033 for the Issuance of Colorado Educational and Cultural Facilities Authority Revenue Bonds in a Maximum Aggregate Principal Amount of $9,000,000 for the Purposes of Financing and Refinancing the Costs of Acquisition, Construction, Improvement, Renovation and Equipping of Certain Facilities and Certain Other Matters Relating Thereto. Back!!round On June 2, 2008, Northwestern College submitted a request to the City of Arden Hills to hold a public hearing for the issuance of tax-exempt financing for construction and improvement projects on the Northwestern College campus. The construction and improvements projects include the roadway relocation, parking facility, and certain landscaping costs. The projects include the plans in Planning Case 08-006 that were approved on March 31,2008. Although Arden Hills and Roseville have been requested to approve a resolution authorizing the issuance of tax-exempt bonds to Northwestern College, the bonds will actually be issued by the Colorado Educational and Cultural Facilities Authority (CECF A). CECF A is an organization that specializes in tax-exempt financing for educational institutions around the country. For more information on CECFA, please visit their website at http://www.cecfa.orgl. Under Federal and State Statutes, municipalities are authorized to pledge their bond issuance authority to non-profit groups for the benefit of higher education facilities. If a municipality expects to issue or receive tax-exempt bond proceeds, either directly or indirectly through City of Arden Hills City Council Meetingfor July 14, 2008 \ \Metro-inet.us\ardenhills\Planning\Development ProjectsWorthwestern College\Bond Hearing \ 071408 - CC Report - NWC Bond Hearing. doc Page 1 of2