05-28-2014 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL May 28, 2014 HEALTH CARE FACILITY REVENUE NOTES — MARANATHA CARE CENTER PROJECT been granted $1,250,000 and Shoreview $500,000. The remaining $250,000 is unallocated at this time. Blesener reported that the next step is to have a preliminary plan developed which is then presented to MN DOT and the Federal Railroad Administration (FRA) for review and approval. These agencies have a 60 - day review process. Once the plan is finalized, they are then presented to the railroads so that the improvements can be included in their construction schedule. Given the improvements occur on railroad rights- of-way, the railroads do the actual improvement work. Blesener noted that a recent article in the Roseville -Little Canada Review commented that the City would be seeking a night-time quiet zone. Blesener corrected this comment and indicated that the City will be seeking a 24-hour per day quiet zone, noting that the improvements needed are the same in either case. Blesener again extended the City's great appreciation and thanks to Representative Isaacson and Senator Scalze for their efforts on Little Canada's behalf. Mayor Blesener opened the Public Hearing to consider the issuance of Health Care Facility Revenue Notes for the Maranatha Care Center Project. The City Administrator reported that the City has been asked for authorization to use $3 million of the City's $10 million annual allocation of bank qualified debt. The $3 million requested will is for the refinancing of the existing Maranatha Care Center. The Administrator noted that the City recently bonded for a new Public Works -Parks facility, but this debt combined with the request of use of $3 million falls well within the $10 million annual allocation of bank qualified debt. The Administrator pointed out that the City will generate a fee of $3,750 for the use of this allocation and all expenses incurred by the City will be reimbursed. He also noted that the use of the City's debt allocation by Maranatha does not result in any City obligation. He noted that four cities have been asked to participate, those being Brooklyn Center, Little Canada, North Oaks, and Osseo. Briggs & Morgan, the City's bond counsel, has presented this request to the City on behalf of the Maranatha Care Center Project. There was no one present from the general public wishing to comment on this matter. Upon motion by Keis, seconded by Boss, the public hearing was closed. 2