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BRIGGS
<br />R Ci Ci
<br />June 30, 2015
<br />-311111111111111
<br />I3Y Iii -MAIL
<br />Joel Hanson, City Administrator
<br />City Councilmembers
<br />City of Little Canada
<br />515 Little Canada Road E
<br />Little Canada, MN 55117
<br />2200 IDS Center
<br />80 South 8th Street
<br />Minneapolis MN 55402-2157
<br />tel 612977,8400
<br />fax 612,977,8650
<br />Catherine J. Courtney
<br />(612) 977-8765
<br />ceourtney@briggs,coln
<br />Ike: Authorizing Amendments to the Notes Issued in 2011 and 2012 for
<br />Presbyterian Homes of Arden Mills, Inc.
<br />Dear Councilmembers and City Administrator:
<br />You have requested this letter with respect to the above -referenced matter.
<br />At the request of Presbyterian Homes of Arden Hills, Inc,, a Minnesota nonprofit
<br />corporation (the "Borrower"), in order to finance the costs of the demolition of an existing senior
<br />housing facility and the acquisition, construction, and equipping of a multifamily housing
<br />development consisting of a senior rental housing facility comprised of independent living units,
<br />assisted living units, and inemory-care units (a combined total of approximately 166 dwelling
<br />units) (the "Phase I Project"), located at 3120 and 3220 Lake Johanna Boulevard in the City of
<br />Arden Hills, Minnesota, and to pay certain financing and Issuance costs related thereto, in
<br />calendar years 2011 and 2012, the City of Little Canada (the "City") issued the following
<br />revenue obligations of the City: (i) Senior Housing Revenue Note (Presbyterian Homes of
<br />Arden Hills, Inc, Project), Series 2011B (the "Series 2011E Note"), issued on September 30,
<br />2011, in the original aggregate principal amount of $10,000,000; and (ii) Senior Housing
<br />Revenue Note (Presbyterian Homes of Arden Hills, Inc. Project), Series 2012B (the "Series
<br />2012B Note" and, with the Series 201213 Note, the "Notes"), issued on January 19, 2012, in the
<br />original aggregate principal amount of $2,000,000, The Notes were sold to Bremer Bank,
<br />National Association (the "Lender"). The City of Arden Hills ("Arden .Hills") also issued notes
<br />(the "Arden Hills Notes") in 2011.and 2012 that were purchased by the Lender for the Phase 1
<br />Project,
<br />The proceeds derived from the sale of the Series 201113 Note were loaned to the
<br />Borrower under the terms and conditions of a Loan Agreement, dated as of September 1, 2011
<br />(the "Series 201113 Loan Agreement"), between the City and the Borrower and the proceeds
<br />derived from the sale of the Series 201213 Note were loaned to the Borrower under the terms and
<br />conditions of a Loan Agreement, dated as of January 1, 2012 (the "Series 201213 Loan
<br />Briggs and Morgan, professional Association
<br />Minneapolis 1 St Paul 1 www.briggscoin
<br />Member - Lex Mundt, a Global Association of Independent Law Firms
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