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STAFF ORIGINATOR: MEETING DATE: TOPIC: VOTE REQUIRED: BACKGROUND CITY COUNCIL AGENDA ITEM 2A Sarah Cotton, Finance Director April 23, 2018 Consider Resolution No. 18-45, Calling a Public Hearing for the Purpose of Providing Host Approval for the Issuance of a Revenue Note by the City of Columbia Heights 3/5 Love To Grow On, a Minnesota nonprofit corporation, who operates early childhood education centers in the City of Lexington and the City of Circle Pines, has proposed to consolidate both centers into a new facility located in the City of Lino Lakes. The City of Lino Lakes Planning & Zoning Board held public hearings on March 14, 2018 and April 11, 2018 regarding the proposed development of the Love To Grow On childcare center. The Planning & Zoning Board recommended approval of the CUP, Variances, and Site Plan; therefore, City Council review is scheduled for the May 7th and 14th Work Session and Council Meeting, respectively. Love To Grown On would like to finance the new facility with tax-exempt conduit bonds. The City of Lino Lakes plans to issue general obligation bonds in the current year to fund capital improvement projects in the City. If the City were to agree to issue conduit bonds for Love To Grow On, the City would not be able to issue its own bonds as bank -qualified ($10 million limit). State Statute authorizes a municipality to issue obligations to finance the acquisition or improvement of property located outside of the corporate boundaries of such municipality if the governing body of the city in which the property is located consents by resolution to the issuance of such obligations. Love to Grow On has requested that the City of Columbia Heights issue a revenue note. In order for the City of Columbia Heights to issue the Note, the City of Lino Lakes must grant "host approval" to the issuance of the Note, following a duly noticed public hearing. The attached resolution set the public hearing for Tuesday, May 29, 2018. Gina Fiorini, Kennedy & Graven will be present at the April 23, 2018 meeting to answer any questions the Council may have. RECOMMENDATION Staff recommends approval of Resolution No. 18-45, calling for a public hearing on Tuesday, May 29, 2018.