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DATE: October 25, 2010 <br />�I�N HILLS <br />MEMORANDUM <br />TO: Honorable Mayor and City Council Members <br />Patrick Klaers, City Administrator <br />FROM: Sue Iverson, Finance Director /Treasurer <br />Background <br />SUBJECT: Host Approval for $19,000,000 City of Bloomington Conduit Debt for <br />Presbyterian Homes (Gideon Pond Commons, LLC Project) <br />The City has been requested to hold a public hearing for host approval of $19,000,000 of <br />Senior Housing Refunding Revenue Bonds to be issued by the City of Bloomington on <br />behalf of Presbyterian Homes. Host approval is required as the proceeds of these bonds <br />will be used to refund the City of Arden Hills Health Care and Housing Revenue <br />Refunding Bonds, Series 1999A; the City of Arden Hills Health Care Facility Revenue <br />Refunding Note (Presbyterian Homes Bloomington Care Center, Inc. Project) Series <br />2001A; and the City of Arden Hills Health Care Facility Revenue Refunding Note <br />(Presbyterian Homes Bloomington Care Center, Inc. Project), Series 2001B. A summary <br />of these issues is as follows: <br />1) City of Arden Hills Health Care and Housing Revenue Refunding Bonds, <br />Series 1999A: issued on September 30, 1999, in the amount of $18,605,000. The <br />proceeds were used to refinance an 86 -unit assisted living facility located in <br />Bloomington and refinance a 93 -unit elderly independent living facility located in <br />Little Canada. The remaining principal to be refunded is approximately <br />$16,000,000. <br />2) City of Arden Hills Health Care Facility Revenue Refunding Note <br />(Presbyterian Homes Bloomington Care Center, Inc. Project) Series 2001A <br />and City of Arden Hills Health Care Facility Revenue Refunding Note <br />(Presbyterian Homes Bloomington Care Center, Inc. Project), Series 2001B: <br />issued December 13, 2001, in the amount of $2,156,800 and $2,850,000 <br />respectively. The proceeds were used to: acquire certain cooperative senior <br />housing units in the Gideon Pond Cooperative located in Bloomington; acquire an <br />City Council Meeting <br />Metro- inet. us\ ardenhills \Admin \Council\Agendas Packet Information\20 10\ 10-25-10 Regular\Packet <br />Information\Pres_ Homes_Bloomington conduit debt.doc <br />Page 1 of 2 <br />