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Home My WebLink About2014-021 Extract of Minutes of a Meeting of the City Council of the City of Arden Hills, Minnesota Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Arden Hills, Minnesota, was duly held at the City Hall in said City on Monday, the 31 st day of March, 2014, at 7:00 o'clock P.M. The following members were present: and the following were absent: Member A)C v nt r introduced the following resolution and moved its adoption: RESOLUTION NO. 2014-21 RESOLUTION CALLING FOR A PUBLIC HEARING ON GIVING HOST APPROVAL TO THE ISSUANCE OF HOUSING AND HEALTH CARE REVENUE REFUNDING NOTES TO REFINANCE A PROJECT BY PRESBYTERIAN HOMES AND SERVICES AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING (PHS/LAKE MINNETONKA CAMPUS PROJECT) f The motion for the adoption of the foregoing resolution was duly seconded by member 1'I u n , and after full discussion thereof and upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: whereupon said resolution was declared duly passed and adopted. 6094495v1 0 RESOLUTION CALLING FOR A PUBLIC HEARING ON GIVING HOST APPROVAL TO THE ISSUANCE OF HOUSING AND HEALTH CARE REVENUE REFUNDING NOTES TO REFINANCE A PROJECT BY PRESBYTERIAN HOMES AND SERVICES AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING (PHS/LAKE MINNETONKA CAMPUS PROJECT) WHEREAS, the purpose of Minnesota Statutes, Chapter 462C (the "Act"), is among other things, to confer upon cities the power to issue revenue bonds to finance projects as defined therein; and WHEREAS, Arden Hills, Minnesota ("Arden Hills") has received from PHS/Lake Minnetonka, LLC (the "Borrower"), an affiliate of Presbyterian Homes and Services, a Minnesota nonprofit corporation and 501(c)(3) organization, a proposal that the City of Chanhassen, Minnesota, the City of St. Bonifacius, Minnesota, and the City of Spring Park, Minnesota each undertake a program to assist in refinancing, among other things, a Project described in Exhibit A, a portion of which is located in Arden Hills, through the issuance of revenue notes or obligation (in one or more series) (the "Notes")pursuant to the Act; and (c) WHEREAS, Arden Hills has been advised that a public hearing and City Council approval of the refinancing of the Project is required under the Act and Section 147(f) of the Internal Revenue Code because a portion of the facilities to be refinanced by the Notes are located in Arden Hills; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Arden Hills, Minnesota, as follows: 1. A public hearing on the proposal of the Borrower will be held at the time and place set forth in the attached Notice of Public Hearing. The general nature of the Project and an estimate of the aggregate principal amount of the Notes or other obligations to be issued to refinance the Project are described in the Notice of Public Hearing. 2. The Administrator is hereby authorized and directed to cause notice of the hearing to be given one publication in the official newspaper and newspaper of general circulation available in the City, not less than 15 days nor more than 30 days prior to the date fixed for the hearing, substantially in the form of the attached Notice of Public Hearing. Adopted by the City Council of the City of Arden Hills, Minnesota, this 31st day of March, 2014. Mayor ATTEST: A/�, � ��41 Administrator 2 6094495v1 STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF ARDEN HILLS I, the undersigned, being the duly qualified and acting Administrator of the City of Arden Hills, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing extract of minutes with the original thereof on file in my office, and that the same is a full, true and complete transcript of the minutes of a meeting of the City Council of said City duly called and held on the date therein indicated, insofar as such minutes relate to calling for a public hearing on giving host approval to the issuance of revenue obligations. WITNESS my hand this 3l 5day of March, 2014. AU P )r11a'a4t-- Administrator 3 6094495v1 EXHIBIT A NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR ISSUANCE OF A HOUSING AND HEALTH CARE REVENUE REFUNDING NOTES (PHS/LAKE MINNETONKA CAMPUS PROJECT) Notice is hereby given that the City Council of the City of Arden Hills, Minnesota(the "City"), will meet in City Council chambers at the Arden Hills City Hall, 1245 Highway 96 West, in the City, at 7:00 p.m. on Monday, April 28, 2014, to consider giving host approval to the issuance by the City of Chanhassen, Minnesota ("Chanhassen"), the City of St. Bonifacius, Minnesota ("St. Bonifacius"), and the City of Spring Park, Minnesota ("Spring Park", and together with Chanhassen and St. Bonifacius, the "Issuers") of revenue obligations, in one or more series (the "Notes"), under Minnesota Statutes, Chapter 462C (the "Act"), in order to refinance the cost of a project located in the City, pursuant to an existing housing program (the "Housing Program") and a joint powers agreement with the Issuers and with Ankeny, Iowa. PHS/Lake Minnetonka, LLC (the "Borrower"), an affiliate of Presbyterian Homes and Services, a Minnesota nonprofit corporation, proposes to refinance a Project consisting of refunding the outstanding principal amount of the City of Spring Park, Minnesota $28,000,000 Housing and Health Care Revenue Note, Series 2010 (PHS/Lake Minnetonka Campus Project), the proceeds of which were used to (i) finance the acquisition, construction, and equipping of new facilities, the demolition of 2 existing buildings, and the renovation of existing facilities to create a senior housing development that consists of 236 senior housing units, including 166 independent living units, 52 assisted living units, 18 memory care units, and an approximately 20,000 square foot town center for use by the residents of the senior housing units located at 4501, 4523, 4527, and 4599 Shoreline Drive in Spring Park; (ii) refund Spring Park's outstanding Multifamily Housing Revenue Bonds (Presbyterian Homes Housing and Assisted Living, Inc. Project) Series 2007 which were issued to finance the acquisition and renovation of a 75-unit multifamily housing development comprised of 2 buildings located at 4601/09 Shoreline Drive and 2380 Island Drive in Spring Park (the "Park Hill Apartments") and to refinance the acquisition and renovation of a 51-unit multifamily housing development comprised of 3 buildings, located at 4579, 4589, and 4599 Shoreline Drive in Spring Park (the "Shoreview Apartments") (collectively, the "Spring Park Portion"); and (iii) refund a portion of the outstanding City of Arden Hills, Minnesota Health Care and Housing Revenue Refunding Bonds (Presbyterian Homes of Arden Hills, Inc. Project), Series 1999B, which were issued to finance the costs of the refinancing, acquisition, construction or renovation of certain housing and health care facilities located at 3120 and 3220 Lake Johanna Boulevard, Arden Hills, and at the time of issuance, commonly known as "Lakeview Residence," a 177-unit elderly assisted-living facility, "Sutton Place," a 19-unit elderly independent-living facility, and "McKnight Care Center," a 208-bed nursing home facility in the City, now collectively known as "Johanna Shores" (the "Arden Hills Portion," and together with the "Spring Park Portion," the "Project") and other facilities located in Spring Park and Bloomington, Minnesota and Ankeny, Iowa. The Spring Park Portion of the Project is owned and operated by the Borrower and the Arden Hills Portion of the Project is owned and operated by Presbyterian Homes of Arden Hills, Inc., an affiliate of Presbyterian Homes and Services. The total maximum aggregate estimated principal amount of notes or other obligations to be issued by the Issuers is $27,900,000. A-1 6094495v1 The obligations, as and when issued, will not constitute a charge, lien, or encumbrance upon any property of the City or the Issuers, except the Project and the revenues to be derived from the Project. Such notes or obligations will not be a charge against the City's or the Issuers' general credit or taxing powers but are payable from sums to be paid by the Borrower pursuant to a revenue agreement. At the time and place fixed for the public hearing, the City Council of the City will give all persons who appear at the hearing an opportunity to express their views with respect to the proposal. Written comments will be considered if submitted at the above City office on or before the date of the hearing. BY ORDER OF THE CITY COUNCIL OF THE CITY OF ARDEN HILLS, MINNESOTA By Patrick Klaers Its City Administrator A-2 6094495v1