Laserfiche WebLink
CITY COUNCIL <br />AGENDA ITEM 2A <br /> <br /> <br />STAFF ORIGINATOR: Hannah Lynch, Finance Director <br /> <br />MEETING DATE: July 26, 2021 <br /> <br />TOPIC: Public Hearing for and Consideration of Resolution No. 21-77, <br />Providing Host Approval to the Issuance of Revenue Obligations <br />by the City of Bethel for the Benefit of Lyngblomsten of Lino <br />Lakes, LLC <br /> <br />VOTE REQUIRED: 3/5 <br /> <br /> <br />BACKGROUND <br /> <br />Lyngblomsten at Lino Lakes, LLC (the “Borrower”) is looking to finance the acquisition, <br />construction, and equipping of an approximately 167-unit senior housing development, <br />including approximately 96 independent living apartments, 20 detached independent living <br />townhomes, 35 assisted living units, and 16 assisted memory care units (the “Project”), to be <br />located near the intersection of Hodgson Road and County Road J/Ash Street in the City. The <br />Project will be owned and operated by the Borrower. <br /> <br />The Borrower has requested that the City of Bethel issue revenue obligations to finance the <br />Project. In order for the City of Bethel to issue the Revenue Note, the City of Lino Lakes must <br />grant “host approval” to the issuance of the Note. State Statute authorizes a municipality to <br />issue obligations to finance the acquisition or improvement of property located outside of the <br />corporate boundaries of such municipality if the governing body of the city in which the <br />property is located consents by resolution to the issuance of such obligations. <br /> <br />The City of Lino Lakes is not able to issue the revenue obligations for the Borrower due to the <br />City’s General Obligation Street Reconstruction Bonds, Series 2021A which sold on July 15, <br />2021. These bonds were designated “bank qualified” and a city is limited to issuing <br />$10,000,000 of bank-qualified bonds per year. <br /> <br />Further explanation is provided in the attached letter from Julie Eddington, the City’s Bond <br />Counsel. She will be in attendance at the July 26th meeting to answer any questions. <br /> <br />RECOMMENDATION <br /> <br />Following the public hearing, staff recommends approval of Resolution No. 21-77. <br /> <br />ATTACHMENTS <br /> <br />Host Approval Letter <br />Resolution No. 21-77 <br />