06-22-1999 Council Agenda - Laserfiche WebLink

Home Browse Search

JOINT POWERS AGREEMENT PROVIDING POE. THE ISSUANCE OF REVENUE BONDS TO FINANCE HOUSING AND HEALTH CARE FACILITIES (PRESBYTERIAN HOMES OBLIGATED GROUP PROJECT) THIS AGREEMENT is entered into as of the 1st day of June, 1999, by and between: the City of Arden Hills, Minnesota ( "Arden Hills "); the City of Little Canada, Minnesota, ( "Little Canada "); the City of Spring Park, Minnesota ( "Spring Park "); the City of Bloomington, Minnesota ( "Bloomington "); and the City of Ankeny, Iowa ( "Ankeny "); (collectively, the "Cities ", or individually, a "City"). Each ofthe municipalities named above is a municipal corporation duly organized under the laws of the State of Minnesota or the State of Iowa. 1. Minnesota Statutes, Section 471.59 and Iowa Statutes, Chapter 28E (the "Joint Powers Acts ") provide that two or more governmental units, by agreement entered into through action of their governing bodies, may jointly or cooperatively exercise any power common to the contracting parties, and may provide for the exercise of such power by one of the participating governmental units. 2. In connection with revenue bonds issued under Minnesota Statutes, Sections 469.152 to 469.1651 (the "Industrial Development Act "), Section 469.155, Subd. 9 provides for intergovernmental agreements between municipalities relating to the financing of projects under the Industrial Development Act, and in connection with revenue bonds issued under Minnesota Statutes, Chapter 462C (the "Housing Programs Act "), Section 462C.14, Subd. 3 provides for joint action between cities pursuant to the Joint Powers Act. 3. Presbyterian Homes Housing and Assisted Living, Inc., a Minnesota nonprofit organization, (the "Developer") has proposed that the Cities enter into this agreement pursuant to the Industrial Development Act and the Housing Programs Act, pursuant to which Arden Hills will issue one or more series of revenue bonds (the "Bonds ") in an amount not to exceed $30,000,000 and loan the proceeds thereof to the Developer and/or one or more of the entities described below to finance the projects described in Exhibit A. 4. The Developer will be the initial owner and operator of The Mayfield and the Gardens of Gideon Pond; McKnight Care Center and Lakeview will be initially owned and operated by Presbyterian Homes of Arden Hills, Inc.; Presbyterian Homes on Lake Minnetonka, will be initially owned and operated by Presbyterian Homes Care Centers; 1048803.1 ZT d 577 :2i 66. I unf 1 PAGE 188 OSb9- £ZZ- ZT9 :Xed Nd92JON 8 S99I26