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Regular City Council Meeting Monday,June 9, 2014 Page 24 ing the same ability to secure that more advantageous financing to lower their debt costs, the same concept as with public bond issues. Douglas Schroeder, Chief Financial Officer,University of Northwestern Mr. Schroeder briefly stated that the University currently had three tax exempt bond issues. In the process of securing financing for more bond projects, and with significant law changes anticipated in 2016 and 2017 (Dodd Frank laws) and significant refinancing costs forced on current letters of credit backing up those bonds, Mr. Schroeder stated that with the costs in financing this bond issue, it was thought to be in the best interest for the University to recombine and put the bonds in a different package. Mr. Schroeder advised that they anticipated $6 mil- lion in new financing for the current projects, including acquisition of the current County Inn and Suites and conversion of that facility into student housing, but re- financing their entire$25 million portfolio. As stated by Mr. Miller, Mr. Schroeder advised that tax exempt bonding is availa- ble to the University as a non-profit, and if they were not required to pay higher interest rates, they wouldn't need to raise tuition. Since the University, like most colleges, is facing declining enrollment, with staff and employee compensation adjustments only given twice over the last five years, Mr. Schroeder opined that the University thought this step allowed them to remain competitive and be good stewards. Mayor Roe opened the Public Hearing at approximately 8:10 p.m. for the purpose of acknowledging the expenditure of tax-exempt funds for the University of Northwestern— St. Paul. Public Comment Tim Callaghan,3062 Shorewood Lane Mr. Callaghan questioned why the City would agree to the continuing degradation of his neighborhood by allowing the proposed funding, when it had significant impacts on his property value. Mr. Callaghan opined that he would not be able to hold an open house in anticipation of selling his home if there was a game going on at the University due to noise levels. Mr. Callaghan opined that he could see no public purpose in this whole thing, and therefore, why do it; and further opined that the City needed to protect where it stood on public bonds and financing for the government to do its work, with this proposal removing $26 million from the government. Since he has found no recourse regarding this negative impact on his house, Mr. Callaghan stated that he may have to seek legal remedies; opining that Northwest- ern had been a bad neighbor for twenty-five years, and even though he continued to bring complaints forward, nothing was ever done about it. Mr. Callaghan stat- ed that the University was not someone he considered a good neighbor, and he didn't want them as one. Mr. Callaghan spoke in further opposition to taking the County Inn off the tax rolls, even though when that facility was built with Tax In-