12-06-2021 TNT (2) - Laserfiche WebLink

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Item No: 5.A. Meeting Date: December 6, 2021 Type of Business: Council Business Administrator Review: ____ City of Mounds View Staff Report To: Honorable Mayor and City Council From: Mark Beer, Finance Director Item Title/Subject: PUBLIC HEARING to Consider Resolution 8511 Approving Amendments to the Healthcare and Housing Facilities Revenue Refunding Note (Catholic Eldercare Project), Series 2014C, and Authorizing the Execution and Delivery of Documents Related Thereto Introduction: The City in 2014 issued as part of a multi-city funding project $4,000,000 in conduit debt financing for the acquisition, construction, and equipping of a transitional care unit consisting of the addition of 24 skilled nursing beds to the existing 150-bed skilled nursing facility located at 900 2nd Street NE in the City of Minneapolis. The City is part of the service area for this facility thus we were able to use our lending authority. The note and amendments do not constitute a general or moral obligation of the City and will not be secured by or payable from any property or assets of the City and will not be secured by any taxing power of the City. Discussion: The City Council is asked to consider amendments to a Healthcare and Housing Facilities Revenue Note (Catholic Eldercare Project, Series 2014C) that will lower the interest rate floor and extend the maturity for this issuance. There is no financial obligation to the City, all costs related to the amendments are being paid by the borrower. The City is represented by Kennedy & Graven as bond council, Gina Fiorini is available for any questions the Council has. Recommendation: Staff recommends that Council open the public hearing, take any questions, and grant approval to resolution 9511. Respectfully submitted, Mark Beer ________________________ Mark Beer Finance Director