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515 Little Canada Road <br />(612) 484 -2177 <br />, Little Canada, MN 55117 -1600 <br />/ FAX: (612) 484 -4538 <br />MEMORANDUM <br />TO: Mayor Hanson and Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: August 21, 1992 <br />RE: Bond Sale for Senior Housing Project <br />MAYOR <br />Raymond G. Hanson <br />COUNCIL <br />Beverly Scalze <br />Bill Blesener <br />Rick Collova <br />Jim LaValle <br />ADMINISTRATOR <br />Joel R. Hanson <br />Enclosed are two notices of public hearing for issuance of <br />tax exempt bonding to finance construction of the senior <br />housing project in Little Canada as well as a health care <br />project in Bloomington; both of which are being developed <br />by Presbyterian Homes. It must again be emphasized that <br />these are not obligations of the City and there are no <br />financial risks to the taxpayers of the community. The <br />reason that both issues are being handled through us is to <br />generate an economy of scale for Presbyterian Homes that <br />allows them to save money associated with bond issuance <br />fees which will benefit the senior project here in Little <br />Canada. <br />The hearing is schedule for 7:30 p.m. on Wednesday, <br />September 9, 1992. If all is approved, this would allow <br />them to sell bonds early in October and begin construction <br />somewhere in early to mid - October of this year. To go much <br />beyond that date may mean that they would hold the project <br />until next spring. We would like the Council to call for <br />the hearings as indicated in the attached notices. <br />Also, enclosed is the resolution calling for the hearing to <br />establish the TIF district. This hearing will be held on <br />September 23, 1992. Enclosed is the tax impact analysis of <br />this new district. <br />JRH:kpv <br />Enclosures <br />Page 65 <br />0‘o ,o <br />