The URL can be used to link to this page

Home My WebLink About2014-025 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, April 28, 2014, commencing at 7:00 P.M. The following members were present: and the following were absent: Member (me S introduced the following resolution and moved its adoption: RESOLUTION NO. 2014-025 RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE OF HOUSING AND HEALTH CARE REVENUE REFUNDING NOTES UNDER MINNESOTA STATUTES, CHAPTER 462C AND AUTHORIZING THE EXECUTION OF A JOINT POWERS AGREEMENT The motion for the adoption of the foregoing resolution was duly seconded by member w G r r r-,- , 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. 6140662v1 RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE OF HOUSING AND HEALTH CARE REVENUE REFUNDING NOTES UNDER MINNESOTA STATUTES, CHAPTER 462C AND AUTHORIZING THE EXECUTION OF A JOINT POWERS AGREEMENT BE IT RESOLVED, by the City Council (the "Council") of the City of Arden Hills, Minnesota(the "City") as follows: Section 1. General Recitals. (a) The purpose of Minnesota Statutes, Chapter 462C (the "Act"), is among other things, to confer upon cities the power to issue revenue notes, in one or more series, to finance and refinance multifamily housing developments; and Section 2. Description of the Project. (a) 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 "Series 2010 Note"), 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 (the "Series 1999B Bonds"), 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; and 2 6140662v1 (b) The Borrower has proposed that 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"), issue revenue obligations, in one or more series (the "Notes"), under the Act, in order to, in part, refinance the cost of the Arden Hills Portion of the Project, in the approximate aggregate principal amount not to exceed $27,900,000 (the "Notes"); and (c) The City has been advised that the Notes or other 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 or other financed facilities. Such Notes or obligations will not be a charge against the general credit or taxing powers of the City or the Issuers, but is payable from sums to be paid by the Borrower pursuant to a revenue agreement; and (d) In connection with the issuance of the Notes it is proposed that the Amended and Restated Joint Powers Agreement be entered into between the City, the Issuers, and Ankeny, Iowa,pursuant to Minnesota Statutes, Section 471.59 and Iowa Code, Chapter 28E. Section 3. Recital of Representations Made by the Borrower. (a) The Borrower has agreed to pay any and all costs incurred by the City in connection with the issuance of the Notes, whether or not such issuance is carried to completion. (b) The Borrower has represented to the City that no public official of the City has either a direct or indirect financial interest in the Project nor will any public official either directly or indirectly benefit financially from the Project. Section 4. Public Hearing. (a) As required by the Act and Section 147(f) of the Code a Notice of Public Hearing was published in the City's official newspaper and newspaper of general circulation, for a public hearing on the proposed issuance of the Notes and the proposal to undertake and finance the Project. (b) As required by the Act and Section 147(f) of the Code the City Council has on this same date held a public hearing on the issuance of the Notes and the proposal to undertake and refinance the portion of the Project located within the jurisdictional limits of the City, at which all those appearing who desired to speak were heard and written comments were accepted. Section 5. Host Approval. The City Council hereby gives the host approval required under Section 147(f) of the Code and, pursuant to Minnesota Statutes §471.656, Subd. 2(2), the City Council hereby consents to the issuance of the Notes. Section 6. Joint Powers Agreement. The Amended and Restated Joint Powers Agreement is hereby approved in substantially the form now on file with the City; and the Mayor and the Administrator of the City are authorized to execute the same in the name of and on behalf of the City. In the event of the disability or the resignation or other absence of the Mayor or City Administrator of the City, such other officers of the City who may act in their behalf 3 6140662v1 shall without further act or authorization of the City do all things and execute all instruments and documents required to be done or to be executed by such absent or disabled officials. The approval hereby given to the Amended and Restated Joint Powers Agreement includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the City Attorney and by the City officials authorized herein to execute the Amended and Restated Joint Powers Agreement prior to its execution; and said City officials are hereby authorized to approve said changes on behalf of the City. 1)a,o� 2 Mayor ATTEST: iaKw , Administrator 4 6140662v1 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 granting host approval to the issuance of revenue bonds for a project in the City. -C4 WITNESS my hand this ve8 day of April, 2014. Administrator 5 6140662v1