Laserfiche WebLink
917 a ®dam z5`/ Wana% <br />515 Little Canada Road, Little Canada, MN 55117-1600 <br />(651) 766 -4029 / FAX: (651) 766 -4048 <br />www.ci.little-canada.mn.us <br />MEMORANDUM <br />TO: Mayor 13lesener and Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: September 23, 2011 <br />RE: Presbyterian Homes - Issuance of Revenue Bonds <br />MAYOR <br />13111 Mesener <br />COUNCIL <br />Rick Montour <br />John Kels <br />Michael McGraw <br />Shelly Boss <br />ADMINISTRATOR <br />Joel R. Hanson <br />Presbyterian Homes has requested the City's authorization of the issuance and sale of <br />Senior Housing Revenue Notes in an amount not to exceed $12,000,000. Attached is the <br />resolution for the Council's consideration. The complete packet of documents has been <br />emailed to you for your review. <br />To finance this $32,000,000 project, the project is broken up to stay within the annual <br />bank qualified limit of $10,000,000. Therefore, Arden Hills will do a series of two $10 <br />million bonds in 2011 and one $2 million bond in 2012. With no other debt planned, the <br />bank qualified limit poses no concerns for Little Canada. The City will generate an <br />issuance fee of $65,000 and any associated costs to the City will be paid by Presbyterian <br />I- Tomes. In addition, this financing will not be a direct obligation of the City <br />1 <br />