03-14-2012 Council Agenda - Laserfiche WebLink

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RESOLUTION APPROVING THE ISSUANCE AND SALE OF A COMMUNITY SERVICES REVENUE NOTE (SOUTH METRO HUMAN SERVICES PROJECT), SERIES 2012 AND AUTHORIZING THE EXECUTION OF DOCUMENTS RELATING THERETO WHEREAS, (a) Minnesota Statutes, Chapter 469.152 to 469.1651 (the "Act "), as found and determined by the legislature, is to promote the welfare of the state by the active attraction and encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment; (b) Factors necessitating the active promotion and development of economically sound industry and commerce are the increasing concentration of population in the metropolitan areas and the rapidly rising increase in the amount and cost of governmental services required to meet the needs of the increased population and the need for development of land use which will provide an adequate tax base to finance these increased costs and the need for access to employment opportunities for such population; (c) The City Council of the City of Little Canada (the "City ") has received from South Metro Human Services, a Minnesota nonprofit corporation (the "Borrower "), a proposal that the City assist in financing a Project hereinafter described through the issuance of a revenue note, as further defined below, the "Note ", pursuant to the Act; (d) The City desires to facilitate the selective development of the community, retain and improve the tax base and help to provide the range of services and employment opportunities required by the population, including healthcare services; and the Project will assist the City in achieving those objectives and will enhance the image and reputation of the community; (e) The Project to be financed or refinanced by the Note consists of the acquisition and renovation by the Borrower of 1 111 Viking Drive in Maplewood, Minnesota to create a residential and therapeutic treatment facility with 16 units of transitional housing and 2,500 square feet of meeting and office space and to refinance the following transitional housing and community service facilities: 4529743v1 1100 — 161st Ln Andover 8786 Austin Blaine 12471 Larch Coon Rapids 370 Ware Lino Lakes 3066 Arcade Little Canada 1276 Mayhill Maplewood 2088 Bradley Maplewood 2080 Highwood Maplewood 2370 Kressin Mendota Heights 2305 — 14th Ave North St. Paul 2438 Homestead Oakdale 2 4