HomeMy WebLinkAboutResolution No. 550-08 D-I(
iRESOLUTION NO. t c-D-O 8
RESOLUTION RELATING TO THE REFINANCING OF THE CITY'S
COMMERCIAL DEVELOPMENT REVENUE NOTE (ZUMBRO VALLEY-
MENTAL HEALTH CENTER PROJECT), SERIES 2006 BY OLMSTED
COUNTY; GRANTING CONSENT THERETO
BE IT RESOLVED by the Common Council of the City of Rochester, Minnesota
(the "City"), as follows:
Section 1. Recitals.
1.01. The City has previously issued its Commercial Development Revenue Note (Minnetonka
Youth Hockey Association), Series 2006 (the"Refunded Note")pursuant to Minnesota Statutes, Sections
469.152 - 469.165, as amended (the "Act"). Proceeds of the Refunded Note were loaned by the City to
Zumbro Valley Mental Health Center, a Minnesota nonprofit corporation (the "Corporation"), for the
purpose of financing a portion or all of the cost of a project consisting of the acquisition, construction and
improvement of (i) an approximately 16,000 square foot residential mental health center; (ii) an
approximately 16,000 square foot office building; (iii) condominium buildings for the Corporation's
treatment programs (collectively, the "Facilities") and(iv)the financing of certain costs of issuance of the
Refunded Note. The Facilities are owned and operated by the Corporation and located at Wood Lake
Park, south of US 52 and US 63 in the City.
• 1.02. The Corporation has requested that Olmsted County, Minnesota (the "County") issue its
Commercial Development Revenue Note (Zumbro Valley Mental Health Center Project), Series 2008
(the"Note"),to refund the Refunded Note for purposes of extending the maturity thereof. Pursuant to the
Act, the City is required to consent to the issuance by the County of revenue obligations to refund the
Refunded Note.
Section 2. Approval. The City Council hereby consents to the issuance of the Note by the
County in the approximate aggregate principal amount not to exceed $535,000 to refund the Refunded
Note pursuant to Minnesota Statutes, Section 469.155,subdivision 12.
Section 3. Effective Date. This Resolution shall be in full force and effect from and after its
adoption.
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• Adopted by the Common Council of the City of Rochester, Minnesota, on this 1st day of
December,2008.
President of the Common Council
Attes .
City Clerk
Approved the day of December,2008.
001
Mayor
(Seal of the City of
Rochester, Minnesota)
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