HomeMy WebLinkAboutResolution No. 2018-118 Calling PH Rev Bond Milaca A&E Properties o`
RESOLUTION 2018-118
CALLING FOR A PUBLIC HEARING ON AN ISSUE OF REVENUE BONDS
BY THE CITY OF MILACA
ON BEHALF OF A&E CARE PROPERTIES, LLC
BE IT RESOLVED by the City Council of the City of Edina, Minnesota (the "City"), as follows:
I. A&E Care Properties, LLC ("A&E" or the "Borrower"), a Minnesota nonprofit limited
liability company, has advised the City of Milaca, Minnesota (the "Issuer") of its desire for the Issuer to
issue, in one or more series, its revenue bonds (the "Bonds"), pursuant to the Minnesota Municipal
Industrial Development Act, Minnesota Statutes, Sections 469.152 through 469.165, as amended (the
"Act"), to finance, among other things, the acquisition, improvement and equipping of a 37,000 square
foot office building located at 7171 Ohms Lane in the City (the "Project"). The Project will be owned by
A&E and leased to and operated by A&E Care Services, a Minnesota nonprofit corporation and an
organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended. The
maximum aggregate principal amount of the proposed Bonds to be issued to finance the Project is
$7,000,000.
2. Because the facility proposed to be financed by the Bonds is located in the City, the Act
and Section 147(f) of the Internal Revenue Code of 1986, as amended, and regulations promulgated
thereunder, require that prior to the issuance of the Bonds, this Council approve the issuance of the
Bonds by the Issuer, after conducting a public hearing thereon. A public hearing on the proposal that the
Issuer issue the Bonds to finance the Project is hereby called and shall be held on December 18, 2018, at
7:00 P.M., at the City Hall.
3. Bond counsel for the Bonds shall cause notice of the public hearing, in substantially the
form attached hereto as Exhibit A, to be published in a newspaper of general circulation in the City, once
not less than 14 days prior to the date fixed for the public hearing.
Adopted by the City Council of the City of Edina on this 20 day of November, 2018.
ATTEST:
Debra A. Mangen, City Clerk James B. Hov and, Mayor
STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) SS
CITY OF EDINA )
CERTIFICATE OF CLERK
I, the undersigned duly appointed and acting City Clerk for the City of Edina do hereby certify that the attached and foregoing
City Council Minutes is a true and correct copy of the Resolution duly adopted by the Edina City Council at its regular meeting
of November 20, 2018,and as recorded in the Minutes of said regular meeting.
WITNESS, my hand and seal of said City this , day of 2018.
City Clerk
CITY OF EDINA
4801 West 50th Street•Edina,Minnesota 55424
www.EdinaMN.gov•952-927-8861 • Fax 952-826-0389
EXHIBIT A
CITY OF EDINA
4801 WEST 50TH STREET
EDINA, MINNESOTA 55424
NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT ON BEHALF OF A&E CARE
PROPERTIES, LLC AND THE ISSUANCE OF REVENUE BONDS BY ANOTHER MUNICIPAL ISSUER
UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, MINNESOTA
STATUTES, SECTIONS 469.152 THROUGH 469.165, AS AMENDED
NOTICE IS HEREBY GIVEN that the City Council of the City of Edina, Minnesota (the "City"),
will meet on December 18, 2018 at 7:00 P.M., at the City Hall, 4801 West 50th Street, in Edina, Minnesota,
for the purpose of conducting a public hearing on a proposal that the City of Milaca, Minnesota (the
"Issuer") issue its revenue bonds (the "Bonds"), in one or more series, under Minnesota Statutes, Sections
469.152 through 469.165, as amended, on behalf of A&E Care Properties, LLC, a Minnesota nonprofit
limited liability company ("A&E"), in order to finance a project consisting of, among other things, the the
acquisition, improvement and equipping of a 37,000 square foot office building (the "Project") located at
7171 Ohms Lane in the City, to be owned by A&E and leased to and operated by A&E Care Services, a
Minnesota nonprofit corporation and an organization described in Section 501(c)(3) of the Internal
Revenue Code of 1986, as amended. The maximum aggregate principal amount of the proposed Revenue
Bonds to be issued to finance the Project is $7,000,000. The Bonds will not be issued by the City.
All persons interested may appear and be heard at the time and place set forth above, or may
file written comments with the City Clerk prior to the date of the hearing set forth above.
Dated: November 27, 2018.
BY ORDER OF THE CITY COUNCIL
Debra Mangen, City Clerl<