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ce4 99d14 ceewaik <br />515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 766 -4029 / FAX: (651) 766-4048 <br />www,el little- canada.nin. us <br />MEMORANDUM <br />TO: Mayor Blesener and Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: February 18, 2005 <br />RE: New Harmony Care Center, Inc. Financing <br />D/IAYOR <br />Bill Blesener <br />COUNCIL <br />Jim LaValle <br />Rick Montour <br />Barbara Allan <br />John Keis <br />ADMINISTRATOR <br />Joel R. Hanson <br />Attached is the proposed resolution we need to adopt to facilitate the allocation of our <br />issuance authority for approximately $5,000,000 of tax exempt bonds. The St. Paul Port <br />Authority will issue the bonds to finance improvements to New Harmony Care Center, Inc. in <br />St. Paul. There is no financial liability for the City in this transaction and staff knows of no <br />reason we would be issuing over $5,000,000 in tax - exempt financing ourselves in 2005 (this <br />is the remainder of our bank qualified authority after allowing for the New Harmony project). <br />We will collect our one percent issuance fee in addition to be being reimbursed for our legal <br />costs associated with the preparation of documents involving Little Canada. Based on this <br />information, staff recommends the adoption of the attached resolution including the authority <br />to enter in to ajoint powers agreement to consummate the transaction. <br />