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HomeMy WebLinkAboutCCRes_02-17Extract of Minutes of a Meeting of the • City Council of the City of Falcon Heights, Minnesota Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Falcon Heights, Minnesota, was duly held at the City Hall in said City on Wednesday, the 11th day of September, 2002, at 7:00 o'clock P.M. The following members were present: Gehrz, Kuettel, Lamb, Lindstrom, Talbot and the following were absent: None Councilmember Talbot introduced the following resolution and moved its adoption: RESOLUTION NO. 02-17 RESOLUTION GIVING HOST CITY APPROVAL TO THE ISSUANCE OF HEALTH FACILITIES REVENUE OBLIGATIONS FOR A • PROJECT BY WINGSPAN LIFE RESOURCES LOCATED IN THE CITY OF LITTLE CANADA, UNDER MINNESOTA STATUTES, SECTIONS 469.152 THROUGH 469.1651 AND APPROVING A JOINT POWERS AGREEMENT (WINGSPAN PROJECT) The motion for the adoption of the foregoing resolution was duly seconded by councilmember Kuettel and after full discussion thereof and upon vote being taken thereon, the following voted in favor thereof: Gehrz, Kuettel, Lamb, Lindstrom, Talbot and the following voted against the same: whereupon said resolution was declared duly passed and adopted. C7 1438017v1 • RESOLUTION GIVING HOST CITY APPROVAL TO THE ISSUANCE OF HEALTH FACILITIES REVENUE OBLIGATIONS FOR A PROJECT BY WINGSPAN LIFE RESOURCES LOCATED IN THE CITY OF MINNEAPOLIS, UNDER MINNESOTA STATUTES, SECTIONS 469.152 THROUGH 469.1651 AND APPROVING A JOINT POWERS AGREEMENT BE IT RESOLVED, by the City Council (the "Council") of the City of Falcon Heights, Ramsey County, Minnesota (the "City") as follows: Section 1. General Recitals. The purpose of Minnesota Statutes, Sections 469.152 through 469.1651 as amended, (the "Act"), is, among other things, to promote the welfare of the State of Minnesota (the "State") by providing necessary health care facilities. Section 2. Description of the Project. (a) Wingspan Life Resources, a Minnesota nonprofit corporation and organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Corporation") has proposed the issuance of revenue obligations under the Act, in one or more series, in an amount not to exceed $1,400,000 (the "Obligations") to finance the costs of a prof ect (the "Project") consisting of the refinancing or acquisition and renovation by the Corporation of 4-bed supervised living services health care facilities for developmentally disabled persons and • an office building as more particularly described below, a portion of which is located in the City, as described under the heading Falcon Heights Portion below: • Location Refinancing Acquisition and Renovation Max. Amount to be Issued Falcon Heights Portion 1489 Hoyt Ave. West, Falcon Heights $150,000 FALCON HEIGHTS TOTAL $150,000 Minneapolis Portion 611 West 34th Street, Minneapolis $160,000 MINNEAPOLIS TOTAL $160,000 Roseville Portion 2939 Troseth, Roseville $170,000 ROSEVILLE TOTAL $170,000 Little Canada Portion 2954 Rice Street, Little Canada $292,000 LITTLE CANADA TOTAL $292,000 Bloomington Portion 10220 York Lane, Bloomington $200,000 9400 Sheridan Avenue, Bloomington $200,000 9212 Portland Avenue S., Bloomington $200,000 1438017v1 2 • BLOOMINGTON TOTAL $600,000 Subtotal $480,000 $892,000 $1,372,000 Issuance costs $28,000 TOTAL $1,400,000 (b) The Project will be owned by the Corporation. (c) As more fully described above, portions of the Project are located in the City, the City of Little Canada (the "Issuer"), and the Cities of Roseville, Minneapolis and Bloomington, Minnesota (the "Host Cities"). Section 3. Recitals Relating to Joint Exercise of Powers. (a) Under the Act, the City, the Issuer and the Host Cities are each authorized and empowered to issue revenue bonds or a revenue note to finance or refinance all or any part of the costs of a project consisting of the refinancing of debt incurred with respect to, or acquisition and betterment of, health care facilities or revenue-producing facilities of organizations described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Code") and to refund bonds previously issued under the Act. (b) The Corporation has requested that the City, the Issuer, and the Host Cities cooperate (as permitted by Minnesota Statutes, Section 471.59) through a joint powers • agreement in authorizing the financing of the Project through the issuance of the Obligations by the Issuer, or one of the other Host Cities, pursuant to the Act. (c) A draft copy of the Joint Powers Agreement among the City, the Issuer and the Host Cities (the "Joint Powers Agreement") has been submitted to the Council and is on file in the offices of the City Administrator. Section 4. Recital of Representations Made by the Corporation. (a) The City has been advised by representatives of the Corporation that: (i) conventional financing is available only on a limited basis and at such high costs of borrowing that the economic feasibility of operating the Project would be significantly reduced; (ii) on the basis of information submitted to the Corporation and their discussions with representatives of area financial institutions and potential buyers of tax-exempt bonds, the Obligations could be issued and sold upon favorable rates and terms to finance the Project; (iii) the Corporation will experience a significant debt service cost savings as a result of the Project; and (iv) the Project would not be undertaken but for the availability of financing under the Act. (b) The Corporation has agreed to pay any and all costs incurred by the' City in connection with the issuance of the Obligations, whether or not such issuance is carried to completion. (c) The Corporation has represented to the City that no public official of the City has . either a direct or indirect financial interest in the Project nor will any public official either directly or indirectly benefit financially from the Project. 1438017v1 3 Section 5. Public Hearing. (a) As required by the Act and Section 147(f) of the Code a Notice of Public Hearing was published in the Roseville Review, the City's official newspaper and newspaper of general circulation, for a public hearing on the proposed issuance of the Obligations and the proposal to undertake and finance the Project. (b) As required by the Act and Section 147(f) of the Code the City Council has on this same date held a public hearing on the issuance of the Obligations 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. Section 6. Host Approval. The City hereby gives the host approval required under the Internal Revenue Code to the issuance of the Obligations. Section 7. Approval and Execution of Joint Powers Agreement. (a) The Joint Powers Agreement is hereby made a part of this Resolution as though fully set forth herein and is hereby approved in substantially the form presented to the City Council. The Mayor and Administrator, or the authorized designee of either of the foregoing, are authorized and directed to execute, acknowledge, and/or deliver the Joint Powers Agreement on behalf of the City with such changes, insertions, and omissions therein as the City Attorney may • hereafter deem appropriate, such execution to be conclusive evidence of approval of such document in accordance with the terms hereof. (b) The Mayor and Administrator, or the authorized designee of any of the foregoing, are authorized and directed to execute and deliver such other documents or certificates needed from the City for the sale of the Obligations. (c) The approvals in this Section are specifically subject to approval of the Joint Powers Agreement by the Issuer and the Host Cities. Section 8. Ratification. The actions of the Administrator taken with respect to causing the Notice of Public Hearing to be published in the official newspaper of the City and a newspaper of general circulation in the City not less than 14 days prior to the hearing are ratified and confirmed in all respects. 1J 1438017v1 4 STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF FALCON HEIGHTS I, the undersigned, being the duly qualified and acting Administrator of the City of Falcon Heights, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing extract of minutes with the original thereof on file in my office, and that the same is a full, true and complete transcript of the minutes of a meeting of the City Council of said City duly called and held on the date therein indicated, insofar as such minutes relate to granting host approval to the issuance of revenue obligations for a project in the City. WITNESS my hand this l lt" day of September, 2002. _~_ • Bather Worthi gton City Administrator C] 1438017v1 S