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MOUNDS VIEW <br />City of Mounds View Staff Report <br />Item No: 8.E. <br />Meeting Date: September 9, 2019 <br />Type of Business: Council Business <br />Administrator Review: <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 9164 Approving the Issuance and Sale of a Conduit <br />Health Care Facility Revenue Refunding Note, Series 2019 and <br />Authorizing the Execution of Documents Relating Thereto <br />(Apple Tree Dental Project) <br />Background: <br />The City Council authorized the issuance of conduit debt ($5,000,000) in 2013 to finance the <br />acquisition, construction and equipping of an approximately 16,000 square foot building located <br />at 2442 County Road 10 in the City to be used as a new clinic and headquarters facility for <br />Apple Tree Dental. Apple Tree Dental is a nonprofit. With favorable interest rates, Apple Tree <br />Dental would like to refinance the existing debt. <br />There is no cost to the City and the debt is not a debt of the City (Sec. 3.05). The City is <br />represented by Jenny Boulton as bond council from Kennedy & Graven. Kennedy & Graven <br />has prepared the attached resolution. There will be documents that will require the Mayor and <br />City Administrator to execute and this resolution authorizes them to do so. <br />Discussion: <br />This resolution would authorize the issuance of up to $3,000,000 in conduit refunding debt. This <br />will assist Apple Tree Dental in lowering their debt service costs and further our partnership with <br />a valued member of our community. <br />Recommendation: <br />Staff recommends that Council review the information, ask questions and if comfortable approve <br />Resolution 9164. <br />Respectfully submitted, <br />Mark Beer <br />Finance Director <br />