HomeMy WebLinkAboutResolution No. 507-12 • CITY OF ROCHESTER
COUNTY OF OLMSTED
STATE OF MINNESOTA
RESOLUTION NO. L607`1 Z
RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE
OF A HEALTH CARE FACILITY REVENUE NOTE UNDER MINNESOTA
STATUTES,SECTIONS 469.152 THROUGH 469.1651
(APPLE TREE DENTAL PROJECT) '
BE IT RESOLVED, by the Common Council (the "Council") of the City of Rochester,
Minnesota (the "City") as follows: 1
d.
Section 1. General Recitals. The purpose of Minnesota Statutes, Sections 469.152
through 469.1651 as amended, (the "Act"), is, among other things, to promote the welfare of the
State of Minnesota (the "State") by the provision of necessary health care facilities, so that
adequate health care services are available to residents of the state at reasonable cost.
Section 2. Description of the Project.
(a) Apple Tree Dental (the "Borrower"), a Minnesota nonprofit corporation and
organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended
• (the "Code") has proposed that the City of Mounds Vie-,A-,Minnesota (the "Issuer") issue a
revenue note under the Act, in one or more series, in an aggregate amount not to exceed
$8,500,000 (the "Note") to,finance a project consisting of (i) the acquisition, construction and
equipping of an approximately 16,000 square foot building located at 2442 County Road 10 in
Mounds View to be used as a new clinic and headquarters facility, (ii) the acquisition,
construction and equipping of an existing approximately 6,000 square foot clinic and office
facility located at 210 Wood Lake Drive in Rochester, Minnesota and (iii) refinancing existing
indebtedness incurred in connection with the clinic facility located at 520 Main Street in Hawley
(collectively, the "Project"). The Project will be owned and operated by the Borrower.
(b) The City has;been advised that the Note or other obligations, as and when issued,
will not constitute a charge, lien or encumbrance upon any property of the City or the Issuer,
except the Project and the revenues to be derived from the Project. Such Note or obligations will
not be a charge against the general credit or taxing powers of the City or the Issuer, 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 Note, 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.
413454v1 JSB MU210-202
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 Note and the proposal to undertake and finance the
Project.
(b) As required by the Act and Section 147(f) of the Code the Common Council has
on this same date held a public hearing on the issuance of the Note and the proposal to undertake
and finance the portion of 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 Common Council hereby gives the host approval
required under Section 147(f) of the Code and, pursuant to Minnesota Statutes §471.656, Subd.
2(2), the Common Council hereby consents to the issuance of the Note. '
PASSED AND ADOPTED BY THE COMMON COUNCIL Qf THE CITY OF ROCHESTER,
MINNESOTA, THIS 3`d DAY OF DECEMBER, 2012.
PRESIDENT Q/V SAID CO ON
• COUNCIL
ATTEST:
CITY CL RK
Approved this &N day of 766 , 2012.
(Seal of the City of
Rochester, Minnesota) MAYOR OF SAID CITY
•
2
413454v1 JSB MU210-202