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<br /> <br />~ DEN HILLS <br /> <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />July 17, 2008 <br /> <br />TO: <br /> <br />Mayor and City Council <br />Ron Moorse, City Administrator , tA-; <br /> <br />Presbyterian Homes Request for Tax Exempt Financing <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />BACKGROUND/DISCUSSION <br /> <br />Presbyterian Homes is requesting the City issue tax exempt bonds to provide lower interest <br />financing for a set ofprojects. Steve Fenlon, ofMHC, has been engaged by Presbyterian Homes <br />to arrange the financing. Mr. Fenlon has not provided information regarding the details of the <br />bond issue. He will attend the work session. <br /> <br />Stacie K vilvang, the City's financial consultant, has recommended that the City collect a fee for <br />this transaction equal to one percent of the par value of the bonds, and that the applicant pay all <br />expenses incurred by the City in relation to the transaction. (The City's expenses relate to the <br />review of the bond issue documents by the City's bond counsel.) <br /> <br />There had been an unresolved agreement between the City and Presbyterian Homes related to the <br />lift station that serves Presbyterian Homes. The agreement has now been worked out, and <br />Presbyterian Homes has signed the agreement. The agreement is attached. <br /> <br />\\Metro-inet\ardenhills\Admin\City Administrator\General documents\RCA's\Pres Homes tax ex financing 7-17-08.doc <br />