HomeMy WebLinkAbout2014-073 CCR Member Carol Kleven introduced the following resolution and
moved its adoption:
RESOLUTION NO. 2014-73
RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE OF
HEALTH CARE FACILITY REVENUE NOTES (MARANATHA CARE
CENTER PROJECT)
BE IT RESOLVED by the City Council (the "Council") of the City of Brooklyn Center,
Minnesota(the "City")as follows:
Section 1. General Recitals. The purpose of Minnesota Statutes, Sections 469.152 to
469.1655 (the "Act"), as found and determined by the legislature,is to promote the welfare of the
state by the active attraction and encouragement and development of economically sound
industry and commerce to prevent so far as possible the emergence of obligated and marginal
lands and areas of chronic unemployment;
Section 2. Description of the Project.
(a) Maranatha Conservative Baptist Home, Inc., a Minnesota nonprofit corporation
("MCBH"), and Center Park Senior. Apartments, Inc., a Minnesota nonprofit corporation
("CPSA" and, with MCBH, the 'Borrower"), proposes to finance a Project consisting of
refinancing, in part, outstanding taxable debt of the Borrower, the proceeds of which were used
for (i) the refinancing of the acquisition and demolition of an existing care center, (ii) the
acquisition, construction, and equipping of an approximately 83,960 square foot 97 bed skilled
care center facility consisting of 13 double rooms and 71 single rooms, of which 32 beds are
allocated for transitional care (the "Care Center"), located at 5409 69th Avenue North in the City
of Brooklyn Center, Minnesota('Brooklyn Center"), including the addition of community space,
consisting of a community room, activity room, food services, enlargement of therapy areas, and
related amenities, with the construction of a new entrance to the Care Center, and the expansion
of parking facilities, (iii) construction of a "town center" connecting the Care Center to an
existing assisted living facility located at 5415 69th Avenue North in Brooklyn Center (the
"Town Center"), and (iv) refinancing the acquisition of an approximately 88,000 square foot 63-
unit assisted living facility consisting of 5 studio, 39 one bedroom and 19 two bedroom units
located at 5415 69th Avenue North in Brooklyn Center (the "Assisted Living Facility" and,with
the Care Center and the Town Center, the "Project"). The Project is owned by the Borrower, the
Care Center is operated by MCBH, and the Assisted Living Facility is operated by CPSA; and
(b) The Borrower has proposed that the City of Little Canada, Minnesota ("Little
Canada"), the City of Osseo, Minnesota ("Osseo"), and the City of North Oaks, Minnesota
("North Oaks", and together with Little Canada and Osseo, the "Issuers") issue revenue
obligations, in one or more series (the "Notes"), under the Act, in order to finance the Project, in
the approximate aggregate principal amount not to exceed$20,000,000; and
RESOLUTION NO. 2014-73
(c) The City has been advised that the Notes or other obligations, as and when issued,
will not constitute a charge, lien or encumbrance upon any property of the City or the Issuers,
except the Project and the revenues to be derived from the Project or other financed facilities.
Such Notes or obligations will not be a charge against the general credit or taxing powers of the
City or the Issuers, but is payable from sums to be paid by the Borrower pursuant to a revenue
agreement.
Section 3. Recital of Representations Made by the Borrower.
(a) The Borrower has agreed to pay any and all costs incurred by the City in
connection with the issuance of the Notes,whether or not such issuance is carried to completion.
(b) The Borrower has represented to the City that no public official of the City has
either a direct or indirect financial interest in the Project nor will any public official either
directly or indirectly benefit financially from the Project.
Section 4. Public Hearing.
(a) As required by the Act and Section 147(f) of the Code, a Notice of Public Hearing
was published in the City's official newspaper and newspaper of general circulation, for a public
hearing on the proposed issuance of the Notes and the proposal to undertake and finance the
Project.
(b) As required by the Act and Section 147(f) of the Code the City Council has on
this same date held a public hearing on the issuance of the Notes and the proposal to undertake
and refinance the Project located within the jurisdictional limits of the City, at which all those
appearing who desired to speak were heard and written comments were accepted.
Section 5. Host Approval. The City hereby gives the host approval required under the
Code and, pursuant to Minnesota Statutes, §471.656, Subd. 2(2), the City Council hereby
consents to the issuance of the Notes by the Issuers.
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June 9 2014
Date Mayor
ATTEST p�
City Clerk -
The motion for the adoption of the foregoing resolution was duly seconded by member
Dan Ryan
and upon vote being taken thereon,the following voted in favor thereof-
Tim Willson, Carol Kleven, Kris Lawrence-Anderson, Lin Mydzkowski, and Dan Ryan;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF BROOKLYN CENTER
I, the undersigned, being the duly qualified and acting Clerk of the City of
Brooklyn Center, 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 a resolution
granting host approval to the issuance of revenue notes for a project in the City.
WITNESS my hand this day of June, 2014.
City Clerk