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<br /> <br /> <br />STAFF REPORT <br /> <br /> <br /> <br />TO: Mayor Keis and Members of City Council <br />FROM: Chris Heineman, City Administrator <br />Brenda Malinowski, Finance Director <br />DATE: April 14, 2021 <br />RE: Public Hearing for New Harmony Conduit Bond Issuance <br /> <br /> <br />ACTION TO BE CONSIDERED <br />The City Council is asked to conduct a Public Hearing and adopt a Resolution providing for <br />the approval of a housing program and the issuance and sale of subordinate senior housing <br />and health care revenue bonds (New Harmony Project), Series 2021D, relating to a senior <br />housing and healthcare project. <br /> <br />BACKGROUND <br />City staff has received a request from New Harmony Care Center, Inc., a Minnesota nonprofit <br />corporation and 501(c)(3) organization (the “Borrower”), that the City of Little Canada act as the <br />conduit debt issuer of 501(c)(3) revenue obligations not to exceed $8,000,000. The proceeds of the <br />Bonds would be used to finance, in part, the acquisition, construction, and equipping of a new <br />senior healthcare and housing facility, including approximately 48 skilled nursing beds, 16 <br />transitional skilled nursing beds, 35 independent apartment units, 36 assisted living apartment <br />units, 14 memory care apartment units, and 12 care suite apartment units, to be located at 1534 <br />County Road C East in the City of Maplewood. <br /> <br />A required notice was published calling for a public hearing on April 14, 2021. Following the public <br />hearing, the City Council will consider for adoption a resolution approving the issuance of the <br />Bonds. It is expected that the City will receive an administrative fee of ¼ of 1%, paid by the <br />Borrower. The Borrower is responsible for paying all costs of the transaction, and there will be no <br />costs paid by the City. <br /> <br />The attached letter from Catherine Courtney provides additional information related to the New <br />Harmony Care Center project. Catherine Courtney will also be in attendance at the meeting and <br />will provide a high-level overview conduit bond financing and answer any questions you may <br />have. A PowerPoint presentation is also attached for your information. <br /> <br />RECOMMENDED ACTION <br />Staff recommends that the City Council conduct a Public Hearing and adopt a Resolution providing <br />for the approval of a housing program and the issuance and sale of subordinate senior housing and <br />health care revenue bonds (New Harmony Project), Series 2021D, relating to a senior housing and <br />healthcare project.