HomeMy WebLinkAbout2018-158 Council ResolutionRESOLUTION NO. 18-158
A RESOLUTION CALLING FOR A PUBLIC HEARING
ON CONSENTING TO THE ISSUANCE OF
SENIOR HOUSING FACILITY REVENUE NOTES
TO FINANCE A SENIOR HOUSING PROJECT
(a) WHEREAS, Minnesota Statutes, Chapter 462C (the "Act"), confers upon cities,
the power to issue revenue obligations to finance combined multifamily housing and health care
developments within the boundaries of the city; and
(b) WHEREAS, the City of Lino Lakes, Minnesota (the "City"), has received from
Heritage Apartments, Inc., a Minnesota nonprofit corporation (the "Borrower"), a proposal that
the City of Falcon Heights, Minnesota ("Issuer"), undertake a program to assist in financing in part
and refinancing a Project hereinafter described, through the issuance of revenue notes or
obligations (in one or more series) (the "Notes") to be issued in 2018 pursuant to the Act; and
(c) WHEREAS, the Notes will be issued, in part, to finance, in part, the acquisition,
construction, and equipping of multifamily senior housing facilities, with approximately 103
independent living units, 34 assisted living units, 16 memory care units, 48 skilled nursing units,
and 30 townhome units, totaling approximately 106,730 square feet, to be located at 6075 Hodgson
Road in the City (the "Lino Lakes Project"); and
(d) WHEREAS, Lyngblomsten Senior Housing, Inc., a Minnesota nonprofit
corporation, of which the Borrower is an affiliate, will be the owner and operator of the Lino Lakes
Project; and
(e) WHEREAS, the City has been advised that a public hearing and City Council host
approval of and consent to the financing, in part, of the Lino Lakes Project is required under the
Act and Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), because
the facility to be financed by the Notes is located in the City:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lino Lakes,
Minnesota, as follows:
1. A public hearing on the proposal of the Borrower will be held at the time and place
set forth in the form of Notice of Public Hearing attached hereto as Exhibit A. The general nature
of the Project and an estimate of the aggregate principal amount of revenue notes or other
obligations to be issued to finance the proposal are described in the Notice of Public Hearing.
2. The City Clerk is hereby authorized and directed to cause the submission of notice
of the hearing for publication in the official newspaper of the City and a newspaper of general
circulation available in the City, not less than 14 days nor more than 30 days prior to the date fixed
for the hearing, substantially in the form of the attached Notice of Public Hearing.
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I-N Adopted by the City Council of the City of Lino Lakes, Minnesota, this 13th day of
November, 2018.
Mayor
ATTEST:
Ci r
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF LINO LAKES, MINNESOTA
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Lino Lakes, Minnesota, was duly held at the City Hall in said City on November 13, 2018,
commencing at 6:30 o'clock P.M.
The following Council members were present:
and the following were absent:
Member Manthey introduced the following resolution and moved its adoption:
RESOLUTION NO. 18-158
A RESOLUTION CALLING FOR A PUBLIC HEARING
ON CONSENTING TO THE ISSUANCE OF
SENIOR HOUSING FACILITY REVENUE NOTES
TO FINANCE A SENIOR HOUSING PROJECT
The motion for the adoption of the foregoing resolution was duly seconded by member
Manthey , and after full discussion thereof and upon vote being taken thereon, the
following voted in favor thereof:
Manthey, Stoesz, Maher, Reinert
and the following voted against the same:
none (Absent - Rafferty)
whereupon said resolution was declared duly passed and adopted.
STATE OF A
COUNTY RAMSEY
CITY OF LIN )
I, the undersigned, being the duly qualified and acting City Clerk of the City of Lino Lakes,
Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing extract of
minutes with the original thereof on file in my office, and that the same is a full, true and complete
transcript of the minutes of a meeting of the City Council of said City duly called and held on the
date therein indicated, insofar as such minutes relate to calling for a public hearing on approving
the issuance of senior housing and health care revenue obligations for a project in the City.
0
WITNESS my hand this � day of f' acN . , 2018.
i derk
CITY COUNCIL
AGENDA ITEM 2B
STAFF ORIGINATOR: Sarah Cotton, Finance Director
MEETING DATE: November 13, 2018
TOPIC: Consider Resolution No. 18-158, Calling for a Public Hearing on
Consenting to the Issuance of Senior Housing Facility Revenue
Notes to Finance a Senior Housing Project
VOTE REQUIRED: 3/5
BACKGROUND
Heritage Apartments, Inc. (Lyngblomsten) has proposed development of a senior living campus
with a continuum of care at the northwest corner of CSAH49/Hogdson Road and CSAH 32/Ash
Street/County Road J. The proposal includes a restaurant and a mix of 30 detached townhomes
plus 200 units of independent living, assisted living and memory care/enhanced care suites. The
Lino Lakes City Council reviewed the Planned Unit Development Concept Plan at its August 6,
2018 meeting.
Heritage Apartments, Inc. has submitted a proposal which includes the financing, in part, of the
Lino Lakes Project, in addition to the refinancing of an existing facility. 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. Heritage
Apartments, Inc. has requested that the City of Falcon Heights issue revenue obligations to
finance combined multifamily housing and healthcare developments. In order for the City of
Falcon 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 sets the
public hearing for Monday, December 10, 2018.
Representatives from Heritage Apartments, Inc. (Lyngblomsten) will be present at the December
10, 2018 meeting to answer any questions the Council may have.
RECOMMENDATION
Staff recommends approval of Resolution No. 18-158, calling for a public hearing on Monday,
December 10, 2018.
ATTACHMENTS
Resolution No. 18-158