11-28-2018 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL NOVEMBER 28, 2018 PUBLIC HEARING — Keis opened the public hearing. The City Administrator explained that the GIVING HOST AFSA Building Company has requested that the City of Vadnais Heights APPROVAL AND issue one or more revenue obligations not to exceed $13 million to refinance CONSENTING TO THE their existing bonds and finance the acquisition, renovation and equipping of ISSUANCE BY THE CITY the existing commercial building at 2925 Country Drive in Little Canada. OF VADNAIS HEIGHTS He stated that even though Little Canada is not being asked to issue the OF CHARTER SCHOOL bonds, the City must nevertheless take certain actions in order for the bonds LEASE REVENUE to be issued by the City of Vadnais Heights. He reported that according to BONDS (ACADEMY FOR Minnesota Statutes, the City of Little Canada must hold a public hearing and SCIENCES & give host approval consenting to the issuance of Charter School Lease AGRICULTURE) Revenue Bonds by the City of Vadnais Heights. He noted that there is no risk -to the City, and no costs will be incurred related to the project. Montour asked if this goes against the City's debt limit. The City Administrator clarified that this does not go against the City, the City is simply authorizing the City of Vadnais Heights to use conduit debt financing since AFSA will have a location in Little Canada. John Utley, Kennedy & Graven, clarified that since the City is not being asked to incur any debt which means Little Canada is not in line for any liability, nor are we listed on the debt obligations at all. He noted this is simply giving approval for Vadnais Heights to issue debt for a project in Little Canada. The City Administrator explained that there is also a termination document that must be acted on in order The City Administrator explained that AFSA is in the process of purchasing the property at 2925 Country Drive and there are recorded documents that need to be released in order for the sale to be completed. He stated that this is terminating documents that were part of the original development of this property. He noted that the City Attorney has reviewed and approved the document. Upon motion by Montour, seconded by McGraw, the public hearing was closed. Montour introduced the following resolution and moved its adoption: RESOLUTION 2018-11-237 - APPROVE THE RESOLUTION GIVING HOST APPROVAL AND CONSENTING TO THE ISSUANCE BY THE CITY OF VADNAIS HEIGHTS OF CHARTER SCHOOL LEASE REVENUE BONDS (ACADEMY FOR SCIENCES & AGRICULTURE) UNDER MINNESOTA STATUTES, SECTIONS 469.152-469.1655, AS AMENDED, AND MINNESOTA STATUTES, SECTION 471.656, AS AMENDED