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November 9, 2010
<br />Sue Iverson
<br />Finance Director
<br />City of Arden Hills
<br />1245 I-Iwy 96 West
<br />Arden Hilt, Minnesota 55112
<br />Dear Ms. Iverson,
<br />Offices in
<br />Minneapolis
<br />Saint Paul
<br />St. Cloud
<br />470 U.S. Bank Pkza
<br />200 South Sixth Street
<br />Minneal)t)lis, MN 55
<br />(612) 337-93O teleplimie
<br />(612) 337-9310 fax
<br />%SAVVY. ke tied y -g rave n .co m
<br />Affirmative Action, Equal Opportunity Employer
<br />JULIE A. EDDINGTON
<br />Attorney at Law
<br />Direct Dial (612) 337-9213
<br />Email: jeddington@kennecly-graven.com
<br />Re: Consent to Refunding of $18,605,000 City of Arden Hills Health Care and Housing
<br />Revenue Refunding Bonds, Series 1999A
<br />As you know, the City of Arden Hilis ("Arden flills") issued its I-lealth Care and 1-lousing
<br />Revenue Refunding Bonds, Series 1999A (the "Series I999A Bonds"), on September 30, 1999, in
<br />the original aggregate principal amount of $18,605,000, The proceeds of the Series 1999A Bonds
<br />were used to refinance an 86-unit assisted living facility (the "Bloomington Facility") located in the
<br />City of Bloomington, Minnesota ("Bloomington") and refinance a 93-unit elderly independent living
<br />facility (the "Little Canada Facility") located in City of Little Canada, Minnesota ("Little Canada").
<br />Gideon Pond Commons, LLC, a Minnesota nonprofit limited liability company, whose the
<br />sole member is Presbyterian I-Iomes Bloomington Care Center, Inc. (the "Borrower") has requested
<br />that Bloornin.gton issue its Senior Housing Refunding Revenue Bonds (Gideon Pond Commons,
<br />LLC Project), Series 2010 (the "Bloomington Bonds"), in a principal amount of up to $19,000,000,
<br />under Minnesota Statutes, Sections 469.152-469.1651, as amended and Minnesota Statutes, Chapter
<br />462C, as amended. A portion of the proceeds of the Bloomington Bonds are proposed to be used to
<br />refund the portion of the Series 1999A Bonds that refinanced the Bloomington Facility.
<br />PHS/Maytield, LLC, a Minnesota nonprofit limited liability company, whose the sole
<br />member is Presbyterian I-Iomes I-lousing and Assisted Living, Inc., has requested that Little Canada
<br />issue its Senior I-Iousing Revenue Refunding Bonds (PHS Mayfield, LLC Project), Series 2010 (the
<br />"Little Canada Bonds") in a principal amount of up to $6,000,000 under Minnesota Statutes, Chapter
<br />462C, as amended. The proceeds of the Little Canada Bonds are proposed to be used to refund the
<br />portion of the Series 1999A Bonds that refinanced the Little Canada Facility,
<br />Presbyterian Homes originally requested that Arden Hills conduct a public hearing regarding
<br />the Bloornington Bonds on November 29, 2010 to provide host approval for the Bloomington Bonds.
<br />Subsequent to that request, the Bloomington Bonds were restructured and due to that restructuring,
<br />no public hearing is required.
<br />At the meeting on Monday, November 15, 2010, the City is asked to consider and approve
<br />the attached resolution providing consent to the issuance of the Bloomington Bonds and the Little
<br />Canada Bonds to refund and prepay the outstanding principal amount of the Series 1999A
<br />
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