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2017.05.01 CC Packet
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2017.05.01 CC Packet
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6/25/2020 3:43:06 PM
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5/12/2017 2:54:33 PM
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City Council
Document Type
Minutes
Meeting Date
5/1/2017
Meeting Type
Regular
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r r <br />r <br />B R I G G 5 MORGAN <br />April 17, 2017 <br />BY E-MAIL <br />Ron Otkin <br />Finance Director <br />City of Hugo <br />14669 Fitzgerald Ave. N. <br />Hugo, MN 55038-9301 <br />2200 IDS Center <br />80 South 8th Street <br />Minneapolis MN 55402-2157 <br />tel 612.977.8400 <br />fax 612.977.8650 <br />Catherine J. Courtney <br />(612)977-8765 <br />Courtney@briggs.com <br />Re: Extraterritorial Issuance of Tax -Exempt Obligation for Project in Eagan <br />Dear Mr. Otkin: <br />The City of Hugo, Minnesota ("Hugo") has received from Autism Opportunities <br />Foundation, a Minnesota nonprofit corporation and 501(c)(3) organization, doing business as the <br />Minnesota Autism Center (the "Borrower"), a proposal that Hugo undertake a program to assist <br />in financing the project described below, which is located in the City of Eagan, Minnesota <br />through the issuance of revenue bonds or other obligations (in one or more series) (the "Bonds") <br />pursuant to Minnesota statutes. <br />The Borrower proposes to (i) finance the acquisition, construction, and equipping of an <br />intensive therapy center for children and adults ages 10 to 21 diagnosed with autism spectrum <br />disorder ("ASD"), consisting of a one-story building of approximately 19,378 square feet with <br />classrooms, a playground area, lunch room, gym, therapy room, art room, computer lab, <br />conference rooms, administrative space, and parking lot (the "Therapy Facility") to be located at <br />2100 Silver Bell Road in Eagan (the "Therapy Project"), and (ii) to amend certain terms of the <br />bonds that were issued by Hugo in 2015 (the "2015 Bonds") which were used to finance the <br />acquisition, construction, and equipping of an approximately 48,332 square foot two-story new <br />school building, which serves primarily high school students with ASD, and includes a reception <br />area, approximately 14 classrooms, 11 therapy/breakout rooms, 5 office/conference rooms, a <br />library, an arcade, a lunch room, and a gymnasium, and also includes a soccer field and a parking <br />lot all located at the southwest corner of Silver Bell Road and Tesseract Place (the "Existing <br />Project" and, together with the Therapy Project, the "Project"). The Project will be owned, <br />operated, and managed by the Borrower. <br />The maximum estimated principal amount of the Bonds to be issued by Hugo to finance <br />the Therapy Project is $5,100,000. <br />Briggs and Morgan, Professional Association <br />Minneapolis I St. Paul I www.b6ggs.com <br />Affirmative Action, Equal Opportunity Employer <br />8278649v1 <br />
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