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<br />Northwestern College <br /> <br />5 l\ ! N T P A U L t tvl f N N E 5 {J T i\ <br /> <br />June 2, 2008 <br /> <br />Mr. Jalues Lehnoff, City Planner <br />City of Arden Hills <br />1245 West Highway 96 <br />Arden Hills, Minnesota 55112 <br /> <br />Re: Host Approval of Bond Financing for NOl1h\vestern College <br /> <br />Dear Mr. Lehnoff, <br /> <br />N011hwestern College CtNol1hwesternH) is interested in financing the costs of acquiring, renovating and <br />equipping an office building located at 2803 Lincoln Drive, Roseville, Minnesota and the costs of planning and <br />capital construction costs of calnpus road\vays and a parking facility, as well as cel1ain landscaping costs on its <br />Inain calnpus located at 3003 Snelling Avenue North, St Paul, Minnesota (collectively, the "Projectft). In order <br />to reduce its borrowing costs, N011hwestern plans to utilize tax-exelupt financing in \vhich the Colorado <br />Educational and Cultural Facilities Authority (ftCECF Aft) will issue tax-exelnpt bonds and loan the proceeds to <br />Northvvestern. The par alnount of the bond issue \villnot exceed $9,000,000. <br /> <br />Federal tax law requires that a public hearing be held and approval granted by the local governlnental unit in <br />which a project being financed with tax-exenlpt bonds is located. At least 14 days prior to such hearing, notice <br />of the hearing luust be published in a paper of general circulation in that jurisdiction. Because a pOl1ion of the <br />Project vvill be located within the jurisdiction of the City of Arden Hills (the 1!CityH), \ve are requesting that the <br />City hold a public hearing and grant approval of the issuance of the bonds to finance the pOl1ion of the Project <br />located within the City. This sanle process \vilt be undel1aken with the City of Roseville, as a pOJ1ion of the <br />Project is also located \vithin its jurisdiction. The bonds \vill not be issued by the City, will not constitute a debt <br />or obligation of the City and will not be taken into account when calculating the alTIOUl1t of bank qualified debt <br />that can be issued by the City. Northvvestern will payor reinlburse the City for any costs incurred in connection <br />\vith the holding of the public hearing or the granting of the approval for the Project. <br /> <br />Peck, Shaffer & Willianls LLP is serving as bond counsel for the financing and \vill vvork with your counsel, <br />vvho I believe is Briggs & Morgan, to assure that all legal requirenlents are satisfied (including drafting all <br />doculnentation and publishing the notice of the public hearing) and that the City is conlfortable with the process. <br /> <br />I alTI happy to answer any questions that you 111ight have and to provide you with any additional infofluation. I <br />look forward to working with you on this Blatter. <br /> <br />f.1 JCereIY':L . <br />I I" ~ <br />) . . ,/~, <br /> <br />DOLI as R. Schroeder <br />NOlthvvestern College <br />Vice President for Business, CFO <br /> <br />3003 SNELLING AVENUE NORTH <br /> <br />SAINT PAUL, MINNESOTA 55113-1598 <br /> <br />phone 651-631-5100 <br /> <br />fax 651-631-5269 <br /> <br />web www.nwc.edu <br /> <br />... <br />ECF;. ~ <br />~ <br /> <br />/........... <br />'fJ f <br />MEMBER <br />