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LAUDERDALE COUNCIL ACTION FORM Action Requested Consent Public Hearing Discussion Action _X Resolution Work Session Meeting Date September 9, 2014 ITEM NUMBER Conduit Bonds STAFF INITIAL APPROVED BY ADMINISTRATOR Julie Eddington, of Kennedy and Graven, will be at the meeting to answer any questions of the Council regarding the City's participation in securing bank qualified (BQ) debt for a sen- ior project in northeast Minneapolis. She also prepared a memo. outlining the request being made of the City and a resolution for Council consideration. Mike Shasky, CFO of Catholic Eldercare, will also be at the meeting in case there are any questions. At the August 12 meeting, the Council decided to hold the public hearing regarding the issu- ance of the City Note on September 9. As usual, the Council will open and close the public hearing and take comment from attendees. After, the City Council is being asked to consid- er the attached resolution which provides preliminary approval for the issuance of the City Note and documents the public hearing. Julie had originally expected that the City Council would be considering a resolution giving final approval at Tuesday's meeting. As she mentions in the letter, there is a potentially his- toric building on the site where the facility is to be built and so the planning process in Min- neapolis has been delayed. Once this issue is resolved, the City Council will be asked for final document approval. The Borrower still anticipates closing on the Note issue this year, but later in the year. 11111 111 11iiq I 11� 11��1 11 i i 1 1 , Motion to adopt Resolution 090914A — A Resolution Regarding the Issuance of a Revenue Note for the Benefit of Catholic Eldercare and Taking Actions Related Thereto.