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<br />Laurie LaFontaine, Allina Health, reported that a decision had not been made in regard to the <br />actual site but advised that there were three proposed sites. She explained the reason for the <br />request to hold a public hearing. She stated that the doctors at the existing clinic location would <br />be relocated to the new site, which would also be larger than the existing site. <br /> <br />Chairperson Look confirmed that the bonds would not affect the City. It was confirmed that IRS <br />regulations require a public hearing to be held because the project would be located in the City of <br />Ramsey. <br /> <br />Finance Officer Lund reported that the total amount of the Allina Ramsey project would be <br />approximately $8,200,000, independent of the sale of the existing building. <br /> <br />Paul Donna, Senior Vice President of Northland Securities, explained that Minneapolis/St. Paul <br />would be the issuer of the bonds. <br /> <br />Motion by Mayor Ramsey, seconded by Councilmember Elvig, to recommend that the City <br />Council adopt the Resolution Calling for a Public Hearing on an Issue of Revenue Bonds by the <br />City of Minneapolis and the Housing and Redevelopment Authority of the City of St. Paul on <br />Behalf of Allina Health System. <br /> <br />Motion carried. Voting Yes: Chairperson Look, Mayor Ramsey, .and Councilmember Elvig. <br />Voting No: None. <br /> <br />Case #2: <br /> <br />Authorization of the Issuance of $850,000 General Obligation State Aid Road <br />Bonds to Assist with the Funding of the Construction of Sunfish Lake <br />Boulevard <br /> <br />Finance Officer Lund reviewed the staff report. <br /> <br />Paul Donna, Senior Vice President of NortWand Securities, advised that the sale would actually <br />be authorized during the second meeting in October, should the schedule continue as proposed. <br />He advised that staff increased the budget bond amount by $500,000, which would leave <br />$500,000 in the RTC Revolving Fund to assist with projects in the Town Center. He explained <br />that the bonds would be paid for with State Aid road dollars and not with a tax levy. Mr. Donna <br />requested that the Council determine if they would like to move forward on the project and <br />which option they would like to move forward. He advised that a tool provided by the stimulus <br />funds was Build America Bonds, a tax designation of the bonds and a resulting credit. He <br />explained the process for that type of bond and stated that staff recommends the Council move <br />forward with the tax exempt option rather than the Build America Bonds because of the small <br />amount borrowed and length of time the funds would be borrowed. Mr. Donna stated that staff <br />would like to keep the option of Build America Bonds open in case the market changes. <br /> <br />Councilmember Elvig confirmed that there were not limits on the Build America Bonds. <br /> <br />Finance Committee / September 22, 2009 <br />Page 2 of 4 <br />