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2006_0522_Packet
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2006_0522_Packet
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Department Approval: <br />� � �� <br />REQUEST FOR COUNCIL ACTION <br />Date: 512212006 <br />�tem No: 3.k <br />Manager Approved: Agenda Section: <br />���� �'cti]]SGni <br />Item Description: Setting a Public Hearing to Consider the Issuance of Tax-Exempt Conduit <br />Debt for Wingspan Life Resources. <br />Introduction <br />Under MN Statutes, Sections 469.152 through 469.1651, municipalities are authorized to issue <br />revenue bonds on behalf of non-profit agencies for the purposes of providing housing or long- <br />term healthcare facilities. The bonds are considered conduit debt, and do not constitute a <br />financial obligation in any part by the City. �T���c��cr, �; hc ����� w must sl�ll meet all legal <br />requirements prior to issuing any tax-exempt bonds. <br />Wingspan Life Resources, a non-profit corporation providing healthcare facilities has requested <br />that the City of Roseville, in conjunction with other municipalities, provide tax-exempt financing <br />for the purposes oi <br />1) The improvement and equipping of a 4-bed facility located at 2949 Woodbridge Street in <br />Roseville, Minnesota, including related vehicles and furnishings (the "Roseville Project" <br />and together with the Bloomington Project and the Saint Paul Project, the "Project"). <br />2) The acquisition and equipping of a four-bed facility located at 85 West Congress Street <br />and a six-bed facility located at 2134 Marshall Avenue in Saint Paul, Minnesota, including <br />related vehicles and furnishings (the "Saint Paul Project") <br />3) Refinancing the acquisition and renovation of a six-bed facility located at 2209 West 91 %z <br />Street in Bloomington, Minnesota, including related vehicles and furnishings (the <br />"Bloomington Project") <br />Discussion Items <br />All of the facilities of the Project will be owned and operated by Wingspan as supervised <br />residential care facilities for developmentally disabled persons. The total amount of conduit <br />financing provided by Roseville is $1,400,000. The City has participated in similar financing <br />arrangements in the past for Wingspan and other non-profit agencies; most recently in 2004. <br />The City Council is required to approve any issuance of tax-exempt financing by the City. The <br />City's Bond Counsel of Briggs & Morgan, has reviewed the legal and financing agreements, and <br />will provide an unqualifiedopinion as the legality of the bonds and their tax-exempt status. <br />There is no fiscal impact on the part of the City. The City will retain 1% of the amount financed <br />�� f rk,t H�I f� i�} offset any legal and staff costs. <br />
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