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ARDEN HILLS CITY COUNCIL—May 11, 2009 7 <br /> Ms. Severance stated that the two things being refinanced were the outstanding <br /> bonds in the City of Roseville and the bank loan in the City of Arden Hills. <br /> Councilmember McClung clarified that the bank loan was for projects that had <br /> occurred within the City of Arden Hills. <br /> Councilmember Grant asked why Presbyterian Homes had not come to the City <br /> of Arden Hills for the initial funding. <br /> Ms. Severance stated that it was not a tax exempt situation but rather just a bank <br /> loan. The tax code states that because Presbyterian Homes is going to use the <br /> proceeds of tax exempt bonds to repay the bank loan a public hearing has to be <br /> held. <br /> Councilmember Grant clarified that the City of Arden Hills had not been <br /> approached for the amount of the loan being refinanced for property in Arden Hills <br /> and Roseville. <br /> Councilmember Holden asked what the administration fee was that Roseville was <br /> charging. <br /> Finance Director Iverson stated that she would check into this and get back to the <br /> Council. <br /> Ms. Severance stated that it was her understanding that Roseville was not charging <br /> a fee. <br /> MOTION: Councilmember Holden moved and Councilmember Grant <br /> seconded a Motion to Approve Resolution 2009-011: a Resolution <br /> Calling for a Public Hearing on the Issuance of Health Care and <br /> Housing Revenue Refunding Bonds (EagleCrest Project) by the City of <br /> Roseville. The motion carried unanimously (5-0). <br /> 6. PUBLIC HEARINGS <br /> None. <br /> 7. NEW BUSINESS <br />