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HEALTH DIMENSIONS, INC. (612) 689-1162 115 North Dellwood · Cambridge, Minnesota 55008 June 28, 1990 Mr. Craig A. Waldran Director of Community Development City of Roseville 2660 Civic Center Drive Roseville, MN 55113 Dear Mr. Waldren: Rod Pakonen has asked me to write you a letter summarizing the program for which The Long Term Care Foundation is requesting the issuance of $8,125,000 in Nursing Home Revenue Bonds by the City of Roseville. More specifically, the request of the Long Term Care Foundation is for the City of Roseville to enter into a Joint Powers Agreement with the City of Minneapolis and twelve other municipalities in the metropolitan area to issue a total of approximately $42.9 million to finance the acquisition of 18 nursing home facilities. While the City of Minneapolis, in which five facilities are located, will be the issuer of the bonds, $8,125,000 will be allocated for the purchase of the Lake Ridge Health Care Center. This structure is being recommended by bond council for the sole purpose of reducing the number of legal bond documents. Without the Joint Powers Agreement, this financing would require 14 separate bond transcripts, one each from the 14 municipalities in which these facilities are located. The purchaser of the Lake Ridge Health Care Center and 17 other nursing homes is The long Term Care Foundation, a non-profit corporation. The by-laws of the non- profit corporation state that the directors of this corporation must be employees of hospitals associated with the Voluntary Hospitals of America and/or persons who have a recognized expertise in the delivery of long term care. Of the five members who constitute the Board, three members hold high management positions in VHA-affiliated hospitals and two members, who, in addition to being Minnesota residents, have long term relationships to the Minnesota long term health industry. The Long Term Care Foundation intends to contract for the management of the individual facilities with a joint venture consisting of Health Dimensions, Inc., a Mi nnesota based long term care management company and VHA Long Term Care, Inc., which is a subsidiary of Voluntary Hospitals of America specializing in the management of nursing homes and retirement facilities. Both organizations have demonstrated levels of expertise which are more fully described in the booklets we have already distributed to you. There two organizations, at the direction of The Long Term Care Foundation, will be responsible for the day-to-day operations of the 18 facilities, and will be