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2018-068 Council Resolution
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2018-068 Council Resolution
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9/24/2018 9:29:16 AM
Creation date
8/17/2018 1:37:14 PM
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City Council
Council Document Type
Resolutions
Meeting Date
05/29/2018
Council Meeting Type
Regular
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STAFF ORIGINATOR: <br />MEETING DATE: <br />TOPIC: <br />VOTE REQUIRED: <br />BACKGROUND <br />CITY COUNCIL <br />AGENDA ITEM 2A <br />Sarah Cotton, Finance Director <br />May 29, 2018 <br />Public Hearing for and Consideration of Resolution No. 18-68, <br />Consenting To and Approving the Issuance by the City of <br />Columbia Heights of a Revenue Obligation for the Benefit of <br />Love To Grow On <br />3/5 <br />Love To Grow On, a Minnesota nonprofit corporation, who operates early childhood education <br />centers in the City of Lexington and the City of Circle Pines, has proposed to consolidate both <br />centers into a new facility located in the City of Lino Lakes. <br />Love To Grown On would like to finance the new facility with tax-exempt conduit bonds. <br />State Statute authorizes a municipality to issue obligations to finance the acquisition or <br />improvement of property located outside of the corporate boundaries of such municipality if the <br />governing body of the city in which the property is located consents by resolution to the <br />issuance of such obligations. Love to Grow On has requested that the City of Columbia <br />Heights issue a revenue note. In order for the City of Columbia Heights to issue the Note, the <br />City of Lino Lakes must grant "host approval" to the issuance of the Note, following a duly <br />noticed public hearing. <br />The City Council adopted Resolution No. 18-45, calling a public hearing on providing host <br />approval on April 23, 2018. <br />Julie Eddington, Kennedy & Graven will be present at the May 29, 2018 meeting to answer any <br />questions the Council may have. <br />RECOMMENDATION <br />Following the public hearing, which grants host approval to the issuance of the Note by the <br />City of Columbia Heights to finance the Love to Grow On facility, staff recommends approval <br />of Resolution No. 18-68. <br />ATTACHMENTS <br />Resolution No. 18-68 <br />Memo from Gina Fiorini, Kennedy & Graven <br />
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