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CITY OF ROSEVILLE, MINNESOTA
<br /> RESOLUTION NO. 10851
<br /> RESOLUTION CALLING FOR A PUBLIC HEARING REGARDING AN ISSUE
<br /> OF REVENUE BONDS TO BE ISSUED BY THE CITY OF BLOOMINGTON
<br /> ON BEHALF OF PRESBYTERIAN HOMES
<br /> BE IT RESOLVED by the City Council (the "Council of the City of Roseville, Minnesota (the "City"), as
<br /> follows:
<br /> WHEREAS, Minnesota Statutes, Sections 469.152 through 469.1651, as amended (the "Act
<br /> authorizes municipalities to issue revenue obligations to finance, in whole or in part, the costs of the
<br /> acquisition, construction, reconstruction, improvement, betterment, or extension of a project and any related
<br /> public improvements. A "project" includes any properties, real or personal, used or useful in connection
<br /> with a revenue producing enterprise, whether or not operated for profit, engaged in providing health care
<br /> services, including hospitals, nursing homes, and related medical facilities; and
<br /> WHEREAS, at the request of Presbyterian Homes Care Centers, Inc., a Minnesota nonprofit corporation, the
<br /> City previously issued its Variable Rate Demand Health Care Revenue Refunding Bonds (Presbyterian Homes Care
<br /> Centers, Inc. Project), Series 2002, on September 26, 2002, in the original aggregate principal amount of $8,950,000
<br /> (the "Series 2002 Bonds and
<br /> WHEREAS, the proceeds of the Series 2002 Bonds were used to: (i) refund the outstanding principal balance
<br /> of the Housing and Health Care Facilities Revenue Refunding Bonds (Presbyterian Homes Care Centers, Inc. Project),
<br /> Series 1997, issued by the City in the original aggregate principal amount of $8,525,000, the proceeds of which were
<br /> used to pay for renovations to a 143 -bed skilled nursing facility located at 1910 County Road D in Roseville,
<br /> Minnesota; and (ii) make capital improvements to the 143 -bed skilled nursing facility (collectively, the "Roseville
<br /> Project and
<br /> WHEREAS, it is proposed that the ownership of the Roseville Project be transferred to Gideon Pond
<br /> Commons, LLC, a Minnesota nonprofit limited liability company, the sole member of which is Presbyterian Homes
<br /> Bloomington Care Center, Inc. (the "Borrower and the Borrower has requested that the City of Bloomington,
<br /> Minnesota issue its Senior Housing Refunding Revenue Bonds (Presbyterian Homes Gideon Pond and Gardens
<br /> Project), Series 2010 (the "Bonds in one or more series, in the original aggregate principal amount of up to
<br /> $19,000,000; and
<br /> WHEREAS, the proceeds of the Bonds are proposed to be used to refund various bond issues,
<br /> including: (i) the Series 2002 Bonds issued by the City and described above; (ii) the Health Care and Housing
<br /> Revenue Refunding Bonds, Series 1999A, issued by the City of Arden Hills, Minnesota on September 30, 1999,
<br /> in the original aggregate principal amount of $18,605,000, the proceeds of which were used to refinance The
<br /> Gardens, also known as Bloomington Commons, an 86 -unit assisted living project located at 10030 Newton
<br /> Avenue South in the City; (iii) the Health Care Facility Revenue Refunding Note (Presbyterian Homes
<br /> Bloomington Care Center, Inc. Project), Series 2001A, issued by the City of Arden Hills, Minnesota on December
<br /> 13, 2001, in the original aggregate principal amount of $2,156,800 and the Health Care Facility Revenue
<br /> Refunding Note (Presbyterian Homes Bloomington Care Center, Inc. Project), Series 2001B, issued by the City of
<br /> Arden Hills, Minnesota on December 13, 2001, in the original aggregate principal amount of $2,850,000, the
<br /> proceeds of which were
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