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Home My WebLink About99-016 . . . CITY OF ARDEN HILLS COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO. 99-16 RESOLUTION CALLING FOR A PUBLIC HEARING ON THE ISSUANCE OF REVENUE BONDS TO FINANCE HOUSING AND HEALTH CARE FACILITIES, AND A PROPOSED HOUSING PROGRAM, AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING (PRESBYTERIAN HOMES OBGLIGATED GROUP PROJECT) WHEREAS, Minnesota Statutes, Chapter 462C (the "Housing Program Act"), confers upon cities, the power to issue Revenue Bonds to finance multi-family housing developments within the boundaries of the city; and WHEREAS, Minnesota Statutes, Sections 469.152 through 469.165, relating to municipal industrial development (the "Industrial Development Act"), gives municipalities the power to issue Revenue Bonds for the purpose of the encouragement and development of economically sound industry and commerce to prevent, so far as possible, the emergence of blighted and marginal lands and areas of chronic unemployment; and WHEREAS, the City Council of the City of Arden Hills, Minnesota (the "City"), has received from Presbyterian Homes Housing and Assisted Living, Inc., a 50l(c)(3) organization (the "Developer"), a proposal that the City undertake a program to assist in financing a Project hereinafter described, through the issuance of Revenue Bonds or obligations (in one or more series) (the "Bonds") pursuant to the I-lousing Program Act and the Industrial Development Act; and WHEREAS, before proceeding with consideration of the request ofthe Developer, it is necessary for the City to hold a public hearing on the housing finance program and proposal, pursuant to the Housing Program Act and the Industrial Development Act: NOW, THEREFORE, BE IT RESOLVED, by the City Council of Arden Hills, Minnesota as follows: I. A public hearing on the proposal of the Developer will be held at the time and place set forth in the Notice of Public Hearing hereto attached. 2. The housing finance program and general nature of the proposal and an estimate of the principal amount of Bonds to be issued to finance the proposal are described in the attached form of Notice of Public Hearing. 3. A draft copy of the housing finance program, with proposed forms of all attachments and exhibits will be on file in the office of the Administrator on or before the date the Notice of Public Hearing is published. . . . Resolution No. 99-16 Page Two May 24, 1999 4. A draft copy of the proposed application to tbe Commissioner of the Department of Trade and Economic Development, State of Minnesota, for approval of the project, together with proposed forms of all attachments and exhibits thereto, will be on file in the office of the City Administrator on or before the date of the Notice of Public Hearing is published. 5. The Administrator is hereby authorized and directed to cause notice of the hearing to be given one publication in the official newspaper of the City, and also in a newspaper of general circulation available in the City, not less than fifteen (15) days nor more than thirty (30) days prior to the date fixed for the hearing, substantially in the form of the attached Notice of Public Hearing. PASSED AND ADOPTED BY THE CITY COUNCIL OF T THIS 24th DAY OF MAY, 1999. ATTEST: BRlA . . , EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF ARDEN HILLS, MN Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Arden Hills, MN, was duly held at the City Hall in said City on Monday, the 24th day of May, 1999, at 7:30 o'clock P.M. The following members were present: Councilmembers Aplikowski, Larson, Malone, and Rem; Mayor Probst and the following were absent: N/A Member Malone introduced the following resolution and moved its adoption: RESOLUTION NO. 99-16 RESOLUTION CALLING FOR A PUBLIC HEARING ON THE ISSUANCE OF REVENUE BONDS TO FINANCE HOUSING AND HEALTH CARE FACILITIES, AND A PROPOSED HOUSING PROGRAM, AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING (PRESBYTERIAN HOMES OBLIGATED GROUP PROJECT) Member duly seconded the motion for the adoption of the foregoing resolution Aolikowski , and after full discussion thereof and upon vote being taken thereon, the following voted in favor thereof: Aplikowski, Larson, Malone, Probst, and Rem and the following voted against the same: N/A whereupon said resolution was declared duly passed and adopted. . . . CITY OF ARDEN HILLS COUNTY OF RAMSEY STATE OF MINNESOTA I, the undersigned, being the duly qualified and acting Administrator of the City of Arden Hills, MN, 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 ofa meeting of the City Council of said City duly called and held on the date therein indicated, insofar as such minutes relate to the calling for a public hearing on the issuance of revenue obligations. WITNESS my hand this 24th day of May, 1999. BRf~ CITY ADMINISTRATOR - NOTICE OF PUBLIC HEARING ON THE ISSUANCE OF REVENUE BONDS TO FINANCE HOUSING AND HEALTH CARE FACILITES AND A PROPOSED HOUSING PROGRAM (PRESBYTERIAN HOMES OBLIGATED GROUP PROJECT) TO WHOM IT MAY CONCERN: Notice is hereby given that the City Council ofthe City of Arden Hills, Minnesota, will meet in the City Council Chambers at the Arden Hills City Hall, in the City of Arden Hills, Minnesota, at 7:30 p.m. on Monday, June 28,1999, to consider (i) tbe proposal of Presbyterian Homes Housing and Assisted Living, Inc., a 50l(c)(3) organization (the "Developer") that the City finance the projects hereinafter dcscribed, pursuant to Minnesota Statutes, Chapter 462C and Minnesota Statutes, Sections 469.152 to 469.1651, by the issuance of revenue obligations and (ii) the adoption of a housing program with respect to the housing projects described below. Description of the Project: The project consists of the refinancing, acquisition, construction or renovation by the Developer of housing and/or health care facilities as more particularly described below: Municipality In which the Name of - Development Existing Is located Use of Bond Proceeds Facilitv Nature of Facilitv Address Arden Hills, Refund outstanding City of McKnight 3220 Lake MN Arden Hills, MN Housing Care Center: 208 bed nursing Johanna and Health Care Facilities home facility Boulevard, Revenue Bonds (The and and Arden Hills, Presbyterian Homes of Lakeview: 177 unit assisted MN Minnesota, Inc. Project), living facility and Series 1995 and finance 19 unit independent the renovation and living facility all improvement of the facilities designed for elderly including financing working persons capital costs and costs of Issuance Little Canada, Refund outstanding City of The 93 rental unit 2850 Market MN Little Canada, Minnesota Mayfield independent living Place Drive, Housing Facilities Revenue facility designed Little Canada, Bonds (The Presbyterian for elderly persons MN Homes of Minnesota, Inc. Project), Series 1992 . . Resolution No. 99-16 Notice, Page Two May 24, 1999 Municipality In which the Name of Development Existing Is locatcd Use of Bond Proceeds Facilitv Nature of Facilitv Address Spring Park, Refund outstanding City of Presbyterian I 92 bed skilled 4527 MN Spring Park, Minnesota Homes on nursing facility Shoreline Health Care Facility Lake designed for Drive, Revenue Bonds (Twin Minnetonka elderly persons Spring Park, Birch Healtb Care Center MN Project), Series 1991 and finance the renovation and improvement of the facility working capital costs and costs of issuance Bloomington, Discharge existing Bloomington 80 bed nursing home 401 West 95th MN indebtedness related to the Care Center facility designed for Street, acquisition of the facility elderly persons Bloomington, and tinance the renovation MN and improvement of the . facility including financing costs of issuance Refund outstanding City of Gardens of 86 rental unit 10030 Newton Little Canada, Minnesota Gideon Pond assisted living Avenue S, Health Care Facilities facility designed Bloomington, Revenue Bonds (The for elderly persons MN Presbyterian Homes of Minnesota, Inc. Project), Series 1992, finance renovation and improvement of facility, including financing working capital costs and costs of issuance Ankeny, Finance the acquisition, Mill Pond 60 bed nursing home 1201 IA renovation and improvement Care Center facility and 49 rental Southeast Mill of the facility including unit assisted living Pond Court, financing working capital facility designed for Ankeny, IA costs and costs of issuance elderly persons ., e - ., Resolution No. 99-16 Notice, Page Three May 24, 1999 The maximum aggregate estimated principal amount of bonds or other obligations to be issued by the City to finance the Project would be $30,000,000. It is anticipated that up to three series of Bonds will be issued to finance the Project. The Developer will be the initial owner and operator of The Mayfield and the Gardens of Gideon Pond; McKnight Care Center and Lakeview will be initially owned and operated by Presbyterian Homes of Arden Hills, Inc.; Presbyterian Homes on Lake Minnetonka, will be initially owned and operated by Presbyterian Homcs Care Centers; Bloomington Care Center will be initially owned by Presbyterian Homes Bloomington Care Center, Inc.; and Mill Pond Care Center will be initially owned by Presbyterian Homes Mill Pond Care Center, Inc. The Developer and/or one or more or all of the foregoing entities will be the obligators under the Bonds (the "Obligated Group"). Presbyterian Homes Management and Services, Inc will initially manage all facilities. The bonds or other obligations, as and when issued, will not constitute a charge, lien or encumbrance upon any property ofthe City or the Cities of Little Canada, Spring Park, or Bloomington, MN or Ankeny, lA, except the Project and the revenues to be derived from the Project. Such bonds or obligations will not be a charge against the general credit or taxing powers of the City or the Cities of Little Canada, Spring Park, or Bloomington, MN or Ankeny, lA, but are payable from sums to be paid by the Obligated Group pursuant to a revenue agreement. A draft copy of the proposed application to tbe Commissioner of the Department of Trade and Economic Development, State of Minnesota, for approval of the project, together with all attachments and exhibits thereto, is available for public inspection during normal business hours, Monday through Friday, at tlle City Hall in the City. 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 financing of the Project, pursuant to the housing financing program. Written comments will be considered if submitted at the above City office on or before the date ofthe hearing. Further information concerning the housing financing program, the application to the Department of Trade and Economic Development, and the Project may be obtained from the City Administrator during normal business hours. DATED: BY ORDER OF THE CITY COUNCIL OF THE CITY OF ARDEN HILLS, MN May 25,1999 By: BRIAN FRITSINGER ITS: CITY ADMINISTRATOR 06/01/99 TUE 14:47 FAX 6126337839 TRANSMISSION OK TXlRX NO CONNECTION TEL CONNECTION ID ST. TIME USAGE T PGS. SENT RESULT . . City of Arden Hills I4l 001 ********************* *** TX REPORT *** ********************* 4030 6333846 06/01 14: 44 02'37 4 OK . . . 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