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ARDEN HILLS CITY COUNCIL - June 8, 2009 4 revenue bonds by the City of Roseville under Minnesota Statutes, Sections 469.1651 and Minnesota Statutes, Chapter 462C in order to finance the cost of the project located in the City of Arden Hills. All costs will be paid by Presbyterian Homes that are incurred by Arden Hills for this issuance. Steve Bubul, the City's bond counsel, has reviewed and made any necessary changes to this paperwork. After the public hearing, the City will be asked to approve a resolution giving host approval to the issuance. Mayor Harpstead clarified that the Arden Hills portion of the project that is being refinanced includes funds financed for improvements to the common areas, hallways and room conversions to the McKnight Care Center, located at 3220 Lake Johanna Boulevard. He also clarified that this project had been approved and completed some time ago and that the debt associated with these improvements was going to be refinanced. Finance Director Iverson stated that this was correct. Mayor Harpstead opened the Public Meeting at 7: 14 p.m. Mayor Harpstead closed the Public Meeting at 7:15 p.m. B. Public Hearin2 for the 2009 Pavement Mana2ement Special Assessments Civil Engineer Kristine Giga stated that the 2009 Pavement Management Program is the Glenarden neighborhood. She provided the Council with information regarding the public process to date including the four neighborhood meetings, an update and schedule on the project and outlined the project costs and the amounts that will be paid by the City and the amount to be assessed. She stated that the assessment rate would be 4.8%, which was based on the City's rate of return, plus 2% with a payment period of 10 years. The proposed assessment amount for each REU would be $6,601.69. She reviewed the payment options for the assessment amount, which included 30-day pre-payment period or 10 equal annual installments with interest. She stated that Staff had looked into deferring one assessment for the four properties that are listed as 2 REUs. The City has three options: 1. require interest to be paid annually at the same time as the principal installments of the assessment would have been payable, 2. add interest for this period to the principal amount of the assessment when it becomes payable, or 3. forgive interest to December 31 of the year before the first deferred installment is payable. The Council will need to establish the terms for the deferred assessment roll. She discussed the Senior Deferral procedure. The requirements for Senior deferral are the person must be 65 years of age or older the year assessments are levied, must