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CITY OF ARDEN HILLS, MINNESOTA
<br />RESOLUTION NO. 2010-055
<br />RESOLUTION CALLING FOR A PUBLIC HEARING
<br />REGARDING AN ISSUE OF REVENUE BONDS TO BE ISSUED
<br />BY THE CITY OF BLOOMINGTON ON BEHALF OF ONE OR
<br />MORE AFFILIATES OF PRESBYTERIAN HOMES
<br />BLOOMINGTON CARE CENTER, INC.
<br />BE IT RESOLVED by the City Council (the "Council of the City of Arden Hills, Minnesota
<br />(the "City as follows:
<br />WHEREAS, Minnesota Statutes, Sections 469.152 through 469.1651, as amended (the "Act
<br />authorizes municipalities to issue revenue obligations to finance, in whole or in part, the costs of the
<br />acquisition, construction, reconstruction, improvement, betterment, or extension of a project and any
<br />related public improvements. A "project" includes any properties, real or personal, used or useful in
<br />connection with a revenue producing enterprise, whether or not operated for profit, engaged in providing
<br />health care services, including hospitals, nursing homes, and related medical facilities; and
<br />WHEREAS, at the request of Presbyterian Homes of Arden Hills, Inc., a Minnesota nonprofit
<br />corporation, the City previously issued its Health Care and Housing Revenue Refunding Bonds, Series
<br />1999A (the "Series 1999A Bonds on September 30, 1999, in the original aggregate principal amount of
<br />$18,605,000; and
<br />WHEREAS, the proceeds of the Series 1999A Bonds were used to (i) refinance The Gardens,
<br />also known as Bloomington Commons, an 86 -unit assisted living facility (the "Gardens Project located
<br />at 10030 Newton Avenue South in the City of Bloomington, Minnesota "Bloomington and
<br />(ii) refinance Mayfield, a 93 -unit elderly independent living facility (the "Mayfield Project located at
<br />2850 Market Place Drive in the City of Little Canada, Minnesota "Little Canada and
<br />WHEREAS, at the request of Presbyterian Homes Bloomington Care Center, Inc., a Minnesota
<br />nonprofit corporation, the City previously issued its (i) Health Care Facility Revenue Refunding Note
<br />(Presbyterian Homes Bloomington Care Center, Inc. Project), Series 2001A (the "Series 2001A Note
<br />on December 13, 2001, in the original aggregate principal amount of $2,156,800; and (ii) Health Care
<br />Facility Revenue Refunding Note (Presbyterian Homes Bloomington Care Center, Inc. Project), Series
<br />2001B (the "Series 2001B Note," and collectively with the Series 2001A Note, the "Series 2001 Notes
<br />on December 13, 2001, in the original aggregate principal amount of $2,850,000; and
<br />WHEREAS, the proceeds of the Series 2001 Notes were used to acquire certain cooperative
<br />senior housing units in the Gideon Pond Cooperative (the "Gideon Pond Cooperative Project located at
<br />9901 Penn Avenue South in Bloomington, and acquire Bloomington Care Center, an 80 -bed skilled
<br />nursing facility (the "Bloomington Care Center Project located at 401 West 95 Street in Bloomington,
<br />and refinance capital costs expended in conjunction with the Bloomington Care Center Project and
<br />McKnight Care Center, a 208 -bed nursing home facility (the "McKnight Care Center Project located at
<br />3220 Lake Johanna Boulevard in the City; and
<br />WHEREAS, Gideon Pond Commons, LLC, the sole member of which is Presbyterian Homes
<br />Bloomington Care Center, Inc., has requested that the City of Bloomington, Minnesota issue its Senior
<br />Housing Refunding Revenue Bonds (Gideon Pond Commons, LLC Project), Series 2010 (the
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