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80 -bed skilled nursing facility located in Bloominton; and refinance capital costs <br />expended in conjunction with the Bloomington Care Center Project and <br />McKnight Care Center, a 208 -bed nursing home facility (the "McKnight Care <br />Center Project located at 3220 Lake Johanna Blvd. The remaining principal is <br />approximately $3,000,000, of which $250,000 relates to the McKnight Care <br />Center. <br />Presbyterian Homes is refunding the debt on the McKnight Care Center in order to be <br />able to finance the proposed renovations to its Arden Hills campus. <br />Our Bond Counsel has reviewed this request and attached is a letter describing the project <br />and their legal opinion for your review. It is requested that the City Council call for a <br />public hearing on November 29, 2010. <br />There will be representatives from our Bond Counsel and on behalf of Presbyterian <br />Homes at the meeting to explain the project and to answer any questions. <br />Council Action <br />Approve a resolution calling for a public hearing on November 29, 2010. <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 2 of 2 <br />