2008_0630_packet - Laserfiche WebLink

Home

RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE OF A COMMERCIAL FACILITY REVENUE NOTE FOR A PROJECT BY PHM&S OFFICE BUILDING, LLC LOCATED IN ROSEVILLE, MINNESOTA UNDER MINNESOTA STATUTES, SECTIONS 469.152 THROUGH 469.1651 57 BE IT RESOLVED,, by the City Council the "Council") of the City of Roseville, Ramsey County, 58 Minnesota the "City") as follows.- 59 1. General Recitals. The purpose of Minnesota Statutes,, Sections 469.152 through 469.1651 as 6�,,:-) amended,, the ((Act"')', is, among other things, to promote the welfare of the State of Minnesota the "State") 6 i by the active attraction and encouragement and development of economically sound industry and commerce 62 to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic 63 unemployment. 64 2. Description of the Project. 65 (a) PHM&S Office Building, LLC, a Minnesota limited liability company the "Borrower") the 66 sole member of which is Presbyterian Homes Management and Services, Inc., a Minnesota nonprofit 67 corporation and organization described in Section 501(c)(3) of the Internal Revenue Code) has proposed 64, the issuance of a revenue note under the Act,, in one or more series,, in an amount not to exceed $5,500,,000 69 the "Note") by the City of Arden Hills, Minnesota or another neighboring city the ('Issuer") to finance the "7 ('-) costs of a project the (Project") consisting of the (i) construction and equipping of an approximately 7 1 27,,000 square foot addition to the Borrower's corporate headquarters located at 2845 Hamline Avenue "72 North in the City (the "Office Facilities' and (ii), refinancing the remaining outstanding debt the proceeds "7 3 of which were used by the Borrower to acquire the Office Facilities. 74 (b), The Project will be owned and operated by the Borrower. "7 3. Recital of Representations Made by the Borrower. "7 6 (a), The Borrower has agreed to pay any and all costs incurred by the City in connection with the "7 "7 issuance of the Note,, whether or not such issuance is carried to completion. "7 (b), The Borrower has represented to the City that no public official of the City has either a "7 9 direct or indirect financial interest in the Project nor will any public official either directly or indirectly 8o benefit financially from the Project. 4. Public He (a), As required by Section 14�7(f), of the Code a Notice of Public Hearing was published in the 3 the City's official newspaper and newspaper of general circulation, for a public hearin" Roseville Review,, 6 84 on the proposed issuance of the Note and the proposal to undertake and finance the Project. (b), As required by Section 14�7(f), of the Code the City Council has on this same date held a 6 public hearing on the issuance of the Note and the proposal to undertake and finance 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. Page 4 of 6