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c <br />Offices in <br />Minneapolis <br />Saint Paul <br />St. Cloud <br />October 21, 2010 <br />Sue Iverson <br />Finance Director <br />City of Arden Hills <br />1245 Hwy 96 West <br />Arden Hill, Minnesota 55112 <br />Re: Host Approval for $19,000,000 City of Bloomington Senior Housing Refunding <br />Revenue Bonds (Gideon Pond Commons, LLC Project), Series 2010 <br />Dear Ms. Iverson, <br />470 U.S. Bank Plaza <br />200 South Sixth Street <br />Minneapolis, MN 55402 <br />(612) 337-9300 telephone <br />(612) 337-9310 fax <br />WWW. liwnnedy-graven.conl <br />Affirmative Action, Equal Opportunity Employer <br />JULIE A. EDDINGTOPkt <br />Attorney at Law <br />Direct Dial (612) 337-9213 <br />Email: jeddington@lcennedy-graven.com <br />Gideon. Pond. Commons, LLC, the sote. -!member of which is Presbyterian Homes <br />Bloomington Care Center, Inc. (the "Borrower") has requested that the 'city of <br />(the "CV). .hof4 a public heating and provide host approval. .so that the C4 of <br />•:Bloomington, MinnoOta. ("Bloomington") may issue the ..above-referenced RondS a <br />principal -amount to .$19,0 under Mitins.Ota: Statutes, Sections 4694527- <br />as amended and 462C, a amended. kportion '.017.the„. of the,13OndS,.:a:te: <br />pito.pos.d to be titSed to refund all or a portion of bonds issued: by the 'These bonds <br />The City's Itio4th Care and Housing ROVOtitit. Refundiog:Bonds, .Series <br />1999A 1999A Bonds"), issued on .'S 30 1999; in the original <br />aggregate principal 'amount of $1005„00Q. The procoeds. of the SerieS. :I999A <br />Bonds were used to refinance an 86-unit assisted living facility Iocated in <br />Bloomington and refinance a 93-unit elderly 7 inOependerit living facility located in <br />City of Little Canada Minnesota ("Littleg. Canadal.?).. The remaining principal offbe <br />Series 1999A Bonds in the amount :otopproximaeb $16;000,000 will be refunded: <br />The Health Care Facility Revenue Refunding Note (Prosbyteti4n. <br />Homes Bloomington Care, Center, Inc. Project), Series 2901.A, issued on Deoelaer <br />13.„:2004 iri the original aggregate principal amount of $20:56$00.., and Health Care <br />Facility .Reveno.'.Refitoditg Note (ptebytoitiaty-HOmea.: Bloomington Care. center, <br />Inc; Project), Series 2001B, .:issued on Deo:ttbeit13, 2001, in the original aggregate <br />principal amount of $2;$50,000. The proceeds ofthe Series 2001 Notes were used <br />to acquire certalo cooperative senior housing units in the Gideon Pond Cooperative <br />located in Bloomington, .:acquire an Ogled nursing located in <br />Bloomington, refinance capital costs :expended in conjunction with the <br />Bloomington Care Center project and McKnight Care Center, a 208-lyed nur$J.I1g. <br />home facility (ttio. "McKnight Care Center Project") located at 3220 Lake ...Johanna <br />