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ARDEN HILLS CITY COUNCIL—October 26, 2009 6 6. PUBLIC HEARINGS None. 7. NEW BUSINESS A. Motion to Adopt Resolution 2009-029; a Resolution Calling a Public Hearing Regarding the Issuance of Revenue Notes for the Benefit of Northwestern College under Minnesota Statutes, Sections 426.152 — 469.165, as Amended, and Providing Preliminary Approval to the Issuance of the Revenue Notes, Finance Director Sue Iverson stated the City Council approved a "Private Activity Revenue Bond Financing" procedure which includes an application process and fees for those seeking to request the City to issue conduit debt on their behalf. Northwestern College has filed an application along with the required application fee of $500 to the City. Northwestern College is requesting financing for a new facility, Community Life Commons (student union) for its campus. The maximum amount of financing requested is $9,000,000. The zoning of this project is under the terms and conditions of the PUD agreement between the College and the City approved in October, 2007. The City will be reimbursed and held harmless for all out-of-pocket expenses related to the financing according to the City's application process and the application filed. According to the City's policy, the City will receive 1/8 of 1% (.125%) of the outstanding principle balance of the bonds annually, the first year this would amount to $11,250 and the bonds are from 5 to 25 years. The City's bond counsel has reviewed the application and has filled out the required DEED application. If the City chooses to honor the request, a resolution calling for a public hearing on November 30, 2009 will need to be adopted. Councilmember Holden asked how often the rate would be reviewed to ensure that it was adequate. Finance Director Iverson stated that this would be done annually. MOTION: Councilmember McClung moved and Councilmember Holden seconded a motion to Adopt Resolution 209-029; A Resolution Calling for a Public Hearing on November 30, 2009, Regarding the Issuance of Revenue Notes for the Benefit of Northwestern College under Minnesota Statutes,, Sections 469.152 — 469.165, as Amended, and Providing Preliminary Approval to the Issuance of the Revenue Notes. The motion carried unanimously (5-0).