11-14-2018 Council Packet - Laserfiche WebLink

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11171070v2 A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF HEALTH CARE FACILITIES REVENUE NOTE (LANGTON PLACE PROJECT), SERIES 2018 WHEREAS, (a) Minnesota Statutes, Sections 469.152 through 469.165, relating to municipal industrial development (the "Act"), gives municipalities the power to issue revenue obligations for the purpose of promoting the welfare of the state by the active attraction and encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment; and (b) The City Council of the City of Little Canada, Minnesota (the "City") has received from Presbyterian Homes Care Centers, Inc., a Minnesota nonprofit corporation and 501(c)(3) organization (the "Borrower"), a proposal that the City assist in financing a Project hereinafter described through the issuance of a revenue note, pursuant to the Act; and (c) In authorizing the Project, and the issuance of the Note, the City's purpose is, and in its judgment the effect thereof will be, to promote the public welfare by providing health care facilities within the meaning of the Act, such purpose to be accomplished in the manner and upon the terms and conditions set forth in the Act and in this Resolution; and (d) The Project to be financed by the revenue note is the acquisition, construction, and equipping of an approximately 50,624 square foot, fifty-bed skilled nursing facility and the demolition of the existing skilled nursing facility known as Langton Place, located at 1910 County Road D in the City of Roseville, Minnesota (the "Project"), and certain other costs related to the Project; and (e) The City been advised by representatives of the Borrower that without the aid of municipal financing, and its resulting low borrowing cost, the Project and the provision of the services offered in connection therewith is not economically feasible; and (f) 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. BE IT RESOLVED by the City Council of the City of Little Canada (the "City"), as follows: SECTION 1 LEGAL AUTHORIZATION AND FINDINGS. 1.1 Findings. The City hereby finds, determines and declares as follows: (a) The City is a political subdivision of the State of Minnesota and is authorized under the Act to assist the Project herein referred to, and to issue and sell the Note, as hereinafter defined, for the purpose, in the manner and upon the terms and conditions set forth in the Act and in this Resolution.