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CITY COUNCIL <br />AGENDA ITEM 2A <br />STAFF ORIGINATOR: Sarah Cotton, Finance Director <br />MEETING DATE: December 10, 2018 <br />TOPIC: Public Hearing for and Consideration of Resolution No. 18-173, <br />Consenting To and Granting Host Approval to the Issuance by the <br />City of Falcon Heights of a Revenue Note for the Benefit of <br />Heritage Apartments, Inc. <br />VOTE REQUIRED: 3/5 <br />BACKGROUND <br />Heritage Apartments, Inc. (Lyngblomsten) has proposed development of a senior living campus <br />with a continuum of care at the northwest corner of CSAH49/Hogdson Road and CSAH 32/Ash <br />Street/County Road J. The proposal includes a restaurant and a mix of 30 detached townhomes <br />plus 200 units of independent living, assisted living and memory care/enhanced care suites. The <br />Lino Lakes City Council reviewed the Planned Unit Development Concept Plan at its August 6, <br />2018 meeting. <br />Heritage Apartments, Inc. has submitted a proposal which includes the financing, in part, of the <br />Lino Lakes Project, in addition to the refinancing of an existing facility. State Statute authorizes <br />a municipality to issue obligations to finance the acquisition or improvement of property located <br />outside of the corporate boundaries of such municipality if the governing body of the city in <br />which the property is located consents by resolution to the issuance of such obligations. Heritage <br />Apartments, Inc. has requested that the City of Falcon Heights issue revenue obligations to <br />finance combined multifamily housing and healthcare developments. In order for the City of <br />Falcon Heights to issue the Note, the City of Lino Lakes must grant "host approval" to the <br />issuance of the Note, following a duly noticed public hearing. <br />The City Council adopted Resolution No. 18-158, calling a public hearing on providing host <br />approval on November 13, 2018. <br />Representatives from Heritage Apartments, Inc. (Lyngblomsten) will be present at the December <br />10, 2018 meeting to answer any questions the Council may have. <br />RECOMMENDATION <br />Following the public hearing, staff recommends approval of Resolution No. 18-173. <br />.� ATTACHMENTS <br />Resolution No. 18-173 <br />