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515 Little Canada Road, Little Canada, MN 551174600 <br />(651) 766-4029 / FAX: (651) 766-4048 <br />www.ci.little-canada.nni.us <br />MEMORANDUM <br />MAYOR <br />Bill Blesener <br />COUNCIL <br />Rick Montour <br />John Kepis <br />Michael McGraw <br />Shelly I3oss <br />ADMINISTRATOR <br />:root R. Hanson <br />TO: Mayor 13lesener and Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: May 22, 2014 <br />RE: Maranatha Care Center Project — Health Care Facility Revenue Notes <br />Maranatha Conservative Baptist Home, Inc. and Center Park Senior Apartments, Inc. have <br />requested the City's authorization of the issuance and sale of Health Care Facility Revenue Notes <br />in the amount of $3 million. Attached is the resolution for the Council's consideration. The <br />complete packet of documents has been emailed to you for your review. <br />Our $3 million is part of a $20 million project, which is broken up to stay within the annual bank <br />qualified limit of $10 million per issues. <br />The City will generate an issuance fee of $3,750 and any associated costs to the city will be paid <br />by the Maranatha Group. In addition, this financing will not be a direct obligation of the City. <br />As you know, we have already issued $3.4 million in debt this year, so we are still well below <br />our $10 limit. Staff does not anticipate any additional debt issuance in 2014. <br />1 <br />