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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: November 28, 2018 <br /> <br />RE: Resolution Giving Host Approval and Consenting to the Issuance by the City of <br />Vadnais Heights of Charter School Lease Revenue Bonds (Academy for Sciences and <br />Agriculture) Under Minnesota Statutes, Sections 469.152 - 469.1655, as amended, and <br />Minnesota Statutes, Section 471.656, as amended. <br />ACTION REQUESTED: <br />Conduct a public hearing and consider approval of a Resolution Giving Host Approval and Consenting <br />to the Issuance by the City of Vadnais Heights of Charter School Lease Revenue Bonds (Academy for <br />Sciences and Agriculture) Under Minnesota Statutes, Sections 469.152 - 469.1655, as amended, and <br />Minnesota Statutes, Section 471.656, as amended. <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 />The Little Canada City Council unanimously approved a Resolution calling for a public hearing for the <br />purpose of providing host approval for the issuance of charter school lease revenue bonds by the City <br />of Vadnais Heights on October 29, 2018. There is no risk to the City of Little Canada, and no costs <br />will be incurred related to the project. Staff recommends approval of the Resolution.