Agenda - Council - 02/14/2017 - Laserfiche WebLink

Home

CC Regular Session Meeting Date: 02/14/2017 By: Diana Lund, Finance 4. 8. Information Title Adopt Resolution #17-02-041 Calling for a Public Hearing on an Issue of Revenue Bonds by the City of Minneapolis and the Housing and Redevelopment Authority (HRA) of the City of St. Paul on Behalf of Allina Health Systems Purpose/Background: Allina Health Systems constructed their building at 7231 Sunwood Drive in 2010. In the fall of 2009, the City of Minneapolis and the HRA of the City of St. Paul issued Revenue bonds on Allina's behalf in the amount of approximately $8.8M for the project. Before the original Revenue Bond was issued, the City of Ramsey was required, by IRS regulations, to hold a public hearing on this issue as the bond proceeds would be spent on a project in the city. As the bonds were not being issued by the City, the issuance had no effect on the City's debt limit, nor was the City in any way responsible for debt service payments or defaults. The City was recently contacted by Allina's bond council, Dorsey and Whitney, that Allina wishes to refinance this debt at this time. The refunding requires the same steps that were taken in 2009 with the original issue and that is that the City is required to hold a public hearing for the bond refinancing. Dorsey and Whitney would like to have the public hearing held at the ity Council meeting of March 14, 2017. Funding Source: None required. Action: Adopt Resolution #17-02-041 Calling for a Public Hearing on an Issue of Revenue Bonds by the City of Minneapolis and the Housing and Redevelopment Authority (HRA) of the City of St. Paul on Behalf of Allina Health Systems. Attachments Reso #17-02-041 Form Review Inbox Reviewed By Date Kurt Ulrich Kurt Ulrich 02/09/2017 02:31 PM Form Started By: Diana Lund Started On: 01/27/2017 12:05 PM Final Approval Date: 02/09/2017