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<br />90029190v2 <br /> <br /> <br /> <br />2200 IDS Center, 80 South 8th Street <br />Minneapolis, MN 55402 <br />Tel: 612.977.8400 | Fax: 612.977.8650 <br />taftlaw.com <br />MEMORANDUM <br /> <br />TO: City of Little Canada, Minnesota <br />FROM: Catherine Courtney; Dan Andersen <br />DATE: April 20, 2023 <br />RE: Resolution Regarding Modifications of Conduit Notes <br /> <br />Enclosed is a resolution for consideration by the City Council at its upcoming <br />meeting on April 26, 2023. As more fully set forth below, the resolution approves the <br />amendment of certain interest rate mechanisms in conduit note s previously issued by the <br />City of Little Canada (the “City”) for the benefit of Presbyterian Homes of Arden Hills, Inc., <br />a Minnesota nonprofit corporation (the “Borrower”). The proposed amendments do not <br />affect the City’s obligations under the note—the City will continue to have no duty to make <br />any payments or pledge any security to the repayment of the note s, which duty will remain <br />the responsibility of the Borrower. <br />Background <br />On August 18, 2015, the City reissued its Amended and Restated Senior Housing <br />Revenue Note Presbyterian Homes of Arden Hills, Inc. Project) Series 2011B (the “2011B <br />Note”), which amended and restated that certain Senior Housing Revenue Note <br />(Presbyterian Homes of Arden Hills, Inc. Project) Series 2011B, originally issued by the <br />City to Bremer Bank, National Association, a national banking association (the “Lender”) <br />on September 30, 2011. On September 17, 2015, the City reissued its Amended and <br />Restated Senior Housing Revenue Note (Presbyterian Homes of Arden Hills, Inc. Project) <br />Series 2012B (the “2012B Note” and, together with the 2011B Note, the “Notes”), which <br />amended and restated that certain Senior Housing Revenue Note (Presbyterian Homes <br />of Arden Hills, Inc. Project) Series 2012B, originally issued by the City to the Lender on <br />January 19, 2012. <br />The City loaned the proceeds of the Notes to the Borrower for the purpose of <br />financing a project consisting of the development by the Borrower of a senior rental <br />housing facility comprised of independent living units, assisted living units, and memory - <br />care units (a combined total of approximately 166 dwelling units), located at 3200 Lake <br />Johanna Boulevard in the City of Arden Hills, Minnesota. The Borrower agreed to repay <br />and secure the Notes to the Bank. The City did not pledge any payment or security in <br />connection with the Notes.