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HomeMy WebLinkAbout95-055 . . . CITY OF ARDEN HILLS RAMSEY COUNTY RESOLUTION 95-55 A RESOLUTION SUPPORTING THE EFFORTS OF THE IRONDALE DUGOUT CLUB WHEREAS, youth sports play an important role in the positive development of the children of Arden Hills, and WHEREAS, many of our young athletes participate on conununity baseball teams in the Mounds View School District, and WHEREAS, these conununity teams play many games on the baseball field at rrondale High School, and WHEREAS, the lrondale Dugout Club is striving to raise sufficient funds to enhance and light the rrondale High School baseball field; NOW THEREFORE, BE IT RESOLVED the City Council of the City of Arden Hills endorses and supports the efforts of rrondale Dugout Club, as it will enhance and benefit the conununity's sports programs, and most importantly the youth of Arden Hills. PASSED AND ADOPTED BY THE CITY COUNCIL THIS 10TH DAY OF JULY, 1995. THE CITY OF ARDEN HILLS . . HOUSING PROGRAM RELATING TO THE ISSUANCE OF CITY OF ARDEN HILLS REVENUE BONDS UNDER MINNESOTA STATUES, CHAPTER 462C, FOR THE FINANCING AND REFINANCING OF A COMBINATION HEALTH CARE AND SENIOR HOUSING DEVELOPMENT, ON BEHALF OF THE PRESBYTERIAN HOMES OF MINNESOTA, INC., OR AFFILIATE THEREOF. . 1. Local Housing Policy. The City's housing policies are currently set forth in the City's Comprehensive Plan and in a Housing Plan, adopted under provisions formerly set forth in Minnesota Statutes, Chapter 462C. This Housing Program has been developed pursuant thereto, all in accordance with and as contemplated by Minnesota Statutes, Chapter 462C, as amended (sometimes referred to herein as the "Act"). The established housing policies and goals of the City include the provision of suitable housing for people of all ages, incomes, and racial and ethnic groups in good living environments; maintaining high quality housing throughout the City; and eliminating instances of dilapidation, blight, etc. Under the Act, the City, prior to issuing revenue bonds or other obligations with respect to a multi-family housing development, as described in Section 462C.05, subd. 4, thereof, or a combination health care and elderly housing development, as described in Section 462C.05, subd. 7, is to adopt a program setting forth the information required by the Act, including but not limited to Section 462C.05, Subd. 6, of the Act. This Program advances the aforementioned housing goals by enhancing the City's supply of affordable rental housing facilities for elderly persons at reasonable rental rates, and through the renovation, upgrading and improvement of the City's existing housing and health care facilities, all as authorized, contemplated and prescribed by the Act. . 2. Program. This Housing Program comprises an effort by the City to advance its housing and related health care goals by providing financing and refinancing for the combination health care and senior housing development described in paragraph 4 below (sometimes referred to herein generally in the aggregate as the "Facilities"). The proposed refinancing of the Facilities is anticipated to produce debt service savings that will permit the maintenance of rates and charges at the most reasonably affordable levels. The proposed renovation and improvement, including the acquisition and construction of site improvements, to and of the Facilities is expected to enhance the quality and livability ofthe Facilities for residents. The method of financing to be advanced for this Program shall consist of the issuance of revenue bonds by the City pursuant to the Act. Such bonds shall comprise permanent financing for the Facilities and repayment of such bonds shall be provided for by the Corporation named in paragraph 4 (the "Corporation") entering into a loan agreement with the City with respect to such Facilities. Under the Loan Agreement, the Corporation will agree to make payments sufficient to provide for payment in full of all principal of, premium, if any, and interest on the bonds when due. Additional security may . . . be provided for the bonds as determined by the original purchaser of the bonds, including a mortgage on the Facilities, and such other security as may be determined to be necessary or desirable. The aggregate principal amount of the issue is expected to be not in excess of $2,250,000. It is anticipated that the timetable for the financing will be carried out on an expedited basis and be concluded by not later than the end of the current calendar year. This Program is contemplated to be undertaken pursuant to Section 462C.05, subds. 4 and 7, of the Act and, therefore, it is contemplated that there shall be no specific limitation on the gross income of the occupants. It is nevertheless the anticipation of the Corporation that residents of the financed rental housing facilities will consist primarily oflow and moderate income persons. Program requirements as to the Facilities are to be monitored by the City or private parties, as will be provided in the applicable agreements to be entered into in connection with the issuance ofthe Bonds. 3. Need for the Program. The Act and the City's Comprehensive Plan establish the need and necessity for the financing and refinancing of the Facilities included in this Program. The Comprehensive Plan recognizes and is consistent with a goal of maintaining and improving the number of units of affordable housing and health care facilities for elderly persons and families in the City. The Comprehensive Plan also emphasizes the promotion of middle income housing developments and multi-family developments. Finally, the City's housing goals should occur through private development, supported by government financing programs. By virtue of issuing the Bonds and providing financing and refinancing for the Facilities, the City will he assisting in the improvement of and the reduction of the overall costs of operating the Facilities. 4. Description of Facilities. The Facilities which are to be the subject of the proposed financing consist of the existing 208-bed nursing home and 178-unit elderly assisted-living facilities, each located at 3220 Lake Johanna Boulevard in the City, containing approximately 108,000 square feet and 132,000 square feet, respectively (and commonly known as the "McKnight Care Center" and "Lakeview Assisted Living," respectively), together with the existing senior independent living housing facilities located at 3120 Lake Johanna Boulevard in the City, and which contain 19 rentable units (and one caretaker unit), comprising approximately 22,000 square feet in the aggregate (all of such facilities being referred to in the aggregate as the "Facilities"). The Facilities are currently owned by The Presbyterian Homes of Minnesota, Inc., a Minnesota nonprofit corporation, or an affiliated nonprofit corporation (sometimes referred to herein in the alternative as the "Corporation"). It is anticipated that the proceeds of the Bonds may also be used, in part, to pay for certain costs of issuance of the Bonds, to the extent such costs are reasonable and are within an amount equal to 2.00% of the proceeds of the Bonds, and to fund any necessary reserves, including a debt service reserve fund, if required. Issuance costs in excess of -2- . available bond proceeds are to be paid for by the Corporation from funds other than proceeds ofthe Bonds. M 100405410 I . . -3-