4G, Approval to Redeem & Prepay Revenue Bonds Issued by the City of Arden Hills

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80 -bed skilled nursing facility located in Bloominton; and refinance capital costs expended in conjunction with the Bloomington Care Center Project and McKnight Care Center, a 208 -bed nursing home facility (the "McKnight Care Center Project located at 3220 Lake Johanna Blvd. The remaining principal is approximately $3,000,000, of which $250,000 relates to the McKnight Care Center. Presbyterian Homes is refunding the debt on the McKnight Care Center in order to be able to finance the proposed renovations to its Arden Hills campus. Current Discussion The Bonds to be issued by the City of Bloomington have now been restructured and Little Canada is issuing refunding bonds on the portion of the debt in Little Canada, therefore a public hearing is no longer required by the City of Arden Hills. Current resources are being used to pay the remaining principal balance related to the McKnight Care Center in Arden Hills, but approval to redeem and prepay the revenue bonds issued by the City of Arden Hills is still needed. Our Bond Counsel has reviewed this request and attached is a letter describing the project refundings and their legal opinion for your review. There will be representatives from our Bond Counsel and on behalf of Presbyterian Homes at the meeting to explain the project and to answer any questions. Council Action Approve a resolution approving the issuance of Revenue Refunding Bonds by the City of Bloomington, Minnesota under Minnesota Statutes, Sections 469.152 through 469.1651 and the Issuance of Revenue Refunding Bonds by the City of Little Canada, Minnesota under Minnesota Statutes Chapter 462C to Redeem and Prepay Revenue Bonds Issued by the City of Arden Hills. City Council Meeting Metro- inet. us\ ardenhills \Admin \Council\Agendas Packet Information\2010\ 11 -15 -10 Special Mtg\Approval_to redeemjrepay_ _bonds_issued_by_Arden_Hill.doc Page 2 of 2