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<br /> <br /> STAFF REPORT <br /> <br /> <br /> <br />TO: Mayor Keis and Members of City Council <br /> FROM: Chris Heineman, City Administrator <br /> <br />DATE: October 26, 2018 <br /> <br />RE: Resolution Calling for a Public Hearing Providing Host Approval for the Issuance of <br /> Charter School Lease Revenue Bonds by the City of Vadnais Heights <br /> <br />ACTION REQUESTED: <br />Consider Approval of a Resolution Calling for a Public Hearing on Wednesday, November 28, 2018 at <br />7:30 PM for the Purpose of Providing Host Approval for the Issuance of Charter School Lease <br />Revenue Bonds by the City of Vadnais Heights <br />BACKGROUND: <br />The City of Little Canada has been contacted by representatives from Kennedy & Graven, Chartered <br />with a request to provide host city approval for the issuance of Charter School Lease Revenue Bonds <br />for the proposed Academy for Sciences & Agriculture (AFSA) project by the City of Vadnais Heights. <br />The AFSA Building Company has requested that the City of Vadnais Heights issue one or more <br />revenue obligations not to exceed $13 million to refinance their existing bonds and finance the <br />acquisition, renovation, and equipping of the existing commercial building at 2925 Country Drive in <br />Little Canada for students in pre-kindergarten through eighth grade. According to Minnesota Statutes, <br />the City of Little Canada must hold a Public Hearing and consent to giving host approval consenting to <br />the issuance of Charter School Lease Revenue Bonds by the City of Vadnais Heights. <br />There is no risk to the City of Little Canada, and no costs will be incurred related to the project. Staff <br />recommends approval of the Resolution.