CR2002-139 Sale of Bonds St. Therese
'1 . t.. (;\\ Y OF
~
August 15,2002 HOPKINS Council Report 2002-139
.
PRELIMINARY APPROV AL, SALE OF REVENUE BONDS
ST. THERESE SOUTHWEST ASSISTED LIVING PROJECT
Proposed ActioD
Staff recommends approval of the following motion: adopt Resolution 2002-78, authorizing
preliminary approval to the issuance of multi-family housing revenue bonds to finance the St.
Therese Southwest Assisted Living Project, subiect to staff conditions as detailed in Council
Report 2002-139.
Overview
St. Therese is proposing to construct an 86-unit assisted living housing project adjacent to their
existing facility. They received conditional use permit approval for this project last year.
They are now asking City Council approval to facilitate the project by the issuance of multi-
family housing revenue bonds to provide funding for construction, The principal amount of the
issue will be approximately $11,500,000.
. The proposed action is requesting preliminary approval. Prior to issuance of the bonds, there
needs to be a resolution approved at a public hearing.
Primary Issues To Consider
. What is the purpose of the financing?
. Does the project meet the requirements ofthe City's policy regarding taxable/tax exempt
financing?
. What are the implications to the City as relates to this action?
. Has legal counsel reviewed this matter?
. What are the staff conditions?
Supportine Documents
. Application by St. Therese
· Resolution 2002-78 /
/ /
/
\--- - {
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-'l -'
Jim Kerrigan
Planning & Economic Develop
,
. ,
Financial hnpact: $ 0 N/A _ Budgeted: Y IN ~ Source:
I Related Documents (CIP, ERP, etc,):
Notes:
,- - - -
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City Council Report 2002-139, August 15, 200] - Page 2
.
Primary Issues To Consider
. What is the purpose of the financing?
Local units of government are authorized to issue tax-exempt bonds to facilitate projects that are
felt to be beneficial to the community. To utilize this type of financing tool the applicant must
meet very specific federal requirements. The bond financing is, for the most part, for certain
types of industrial and housing projects. Financing through this method provides a lower interest
rate than could be secured from a private lending institution.
. Does the project meet the requirements of the City's policy regarding taxable/tax
exempt financing?
The City adopted a policy relating to revenue bond financing in 1991. The policy allows the
City to consider financing for an existing business/multi-family project within the City that is
proposing to expand, relocate, or rebuild in an existing building.
. What are the implications to the City as relates to this action?
Revenue bonds are secured by the pledge of repayment strictly from the proposed project. The
. City is not liable to make any payment should there be a default. St. Therese presently has
outstanding revenue bonds that have been previously approved by the City, Staff has not been
informed that the owner of the subject property is in default on any existing bonds.
If the subject action were approved, the City would be issuing over 10 mil in bonds for 2002,
Ehlers has stated this could potentially increase the interest rate slightly on the City TIP/PIR
bonds that are scheduled to be sold (Ehlers has estimated this to be approximately $18,000,
present value). Due to this situation, staff is recommending as a condition of the proposed action
that the applicant make a payment to the City to reflect this additional cost.
. Has legal counsel reviewed this matter?
The City Attorney has reviewed the document related to this transaction. Furthermore, Stefanie
Galey ofFaegre & Benson has represented the City as bond counsel.
. What are the staff conditions?
The staff recommendation is based on the following condition:
The applicant pays an additional payment over and above the required revenue
bond issuance fee to reimburse the City for the additional interest cost of the
City's 2002 TIF/PIR bonds.
.
City Council Report 2002-139, August 15,2001 - Page 3
.
Alternatives
The City Council has the following alternatives regarding this action:
1) Approve the action as recommended by staff.
2) Deny the proposed action. With this action, St. Therese will need to secure private financing
to proceed with this project.
3) Continue the item for additional information,
.
.
--- ---~- -- -,-
. CITY OF HOPKINS
RESOLUTION NO. 2002-78
RESOLUTION GIVING PRELIMINARY APPROVAL TO THE
ISSUANCE OF MUL TIF AMIL Y HOUSING REVENUE BONDS TO
FINANCE A PROJECT
WHEREAS, The Terraces Assisted Living, LLC (the "Company") has
submitted an application to the City of Hopkins (the "Issuer") requesting revenue
bond financing for a project (the ..Project") generally described as the acquisition and
construction of an 86 unit assisted living multifamily housing facility for elderly
persons, to be constructed adjacent to the St. Therese Southwest independent living
facility at 1011 Feltl Court in the City of Hopkins; and
WHEREAS, pursuant to Minnesota Statutes, Chapter 462C, as amended (the
"Act"), the Issuer is authorized to issue its revenue bonds to finance all or part of the
cost of the Project;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Hopkins that:
. L The Project and the issuance of revenue bonds therefor in an amount up
to approximately $11,500,000 are hereby given preliminary approval by the Issuer,
subject to the mutual agreement of the Issuer, the Company and the initial purchaser
of the bonds as to the details of the bonds and provisions for their payment. In all
events, it is understood, however, that the bonds shall not constitute a charge, lien or
encumbrance, legal or equitable, upon any property of the Issuer except the Issuer's
interest in the loan agreement with the Company and the Project, and the bonds,
when, as, and if issued, shall recite in substance that the bonds, including interest
thereon, are payable solely from the revenues received from the Project and property
pledged to the payment thereof, and shall not constitute a debt ofthe Issuer.
The bonds will be payable solely from the revenues of the Project and other
moneys, if any, provided by the Company, and the bonds will not constitute or give
rise to a pecuniary liability ofthe Issuer or a charge against its general credit or taxing
powers.
No holder of any such bonds shall ever have the right to compel any exercise
of the taxing power of the Issuer to pay the bonds, or the interest thereon, nor to
enforce payment against any property of the Issuer, except revenues of the Project
pledged to the payment thereof.
2. The Company may incur expenditures on the Project prior to the
. issuance of the bonds therefor, and such expenditures may be reimbursed from
proceeds of the bonds, when issued, This resolution shall constitute an ..official
. intent" to reimburse such expenditures for purposes of Treasury Regulations, Sections
1.103-8T(a)(5) and 1.150-2.
3. The officers, employees and agents of the Issuer are hereby authorized
to participate in the preparation and review of necessary documents relating to the
Project and bonds issued in connection therewith.
4. The Company will be responsible for paying directly or through the
Issuer any and all cost incurred by the Issuer in connection with the Project,
including, without limitation, any additional interest cost incurred by the Issuer with
respect to its bonds as a result of unavailability of designation as bank qualified
obligations, whether or not the Project is carried to completion, and whether or not the
bonds or operative instruments are executed.
5. The adoption of the Resolution does not constitute a guaranty or firm
commitment that the Issuer will issue the bonds as requested by the Company. The
Issuer retains the right in its sole discretion to withdraw from participation and
accordingly not to issue the bonds, or issue the bonds in an amount less than the
amount referred to herein should the Issuer at any time prior to issuance thereof
determine that it is in the best interest of the Issuer not to issue the bonds, or to issue
the bonds in an amount less than the amount referred to in paragraph I hereof, or
. should the parties to the transaction be unable to reach agreement as to the terms and
conditions of any of the documents required for the transaction.
6. The Issuer shall hold a public hearing on a program for the issuance of
the bonds on October 15,2002. Notice of the hearing in the form attached as Exhibit
A to this resolution shall be published in the official newspaper not less than 15 days
prior to the date set for the hearing, and a copy of the housing program shall be
submitted to the Metropolitan Council for review and comment on or before the date
of publication of the notice,
Adopted this day of September, 2002.
Mayor
ATTEST:
City Clerk
M I :905923.02
.
. Exhibit A
NOTICE OF PUBLIC HEARING ON A PROGRAM FOR THE
ISSUANCE OF REVENUE BONDS UNDER MINNESOTA
STATUTES, CHAPTER 462C TO FINANCE A PROPOSED
MUL TIF AMIL Y HOUSING DEVELOPMENT
CITY OF HOPKINS, MINNESOTA
NOTICE IS HEREBY GIVEN that the City of Hopkins (the "Issuer") will hold a
public hearing on October 15,2002, at 7:30 p.m. in the City Council chambers at City
Hall, 1010 1 st Street, in Hopkins, MilU1esota, to consider a program for the issuance of
revenue bonds under MilU1esota Statutes, Chapter 462C, as amended, to finance a
multifamily housing development (the "Program"). At the public hearing the Issuer will
consider adoption of a resolution giving approval to the issuance of revenue bonds in
one or more series under the Program for the purpose of financing a portion of the cost
of acquisition and construction by The Terraces Assisted Living, LLC, a MilU1esota
limited liability company (the "Owner") of which S1. Therese Southwest, Inc., a
Minnesota nonprofit corporation is the sole member, of a project consisting of an 86
unit assisted living multifamily housing facility designed for occupancy by elderly
. persons (the "Project"), to be located at 1011 Feltl Court in the City of Hopkins. The
aggregate face amount of revenue bonds proposed to be issued by the City to finance the
Program is presently estimated not to exceed $11,500,000.
When issued, the revenue bonds will be limited obligations of the Issuer payable
solely from the revenues pledged to the payment thereof, and will not be a general
obligation of, or be secured by the taxing power of, the Issuer.
At said time and place the Issuer shall give all parties who appear or submit
written comments an opportunity to express their views with respect to the proposal
to finance the Program.
BY ORDER OF THE CITY COUNCIL OF THE CITY OF HOPKINS
Dated: September 3, 2002
.
FRoM FAEGRE & BENSON
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CIT~ OF HOPKINS
1010 FIRST STREET SOUTH
HOPXINS, MN 55343
OFFICE USE ONLY:
Da.te Receive.d.;
Rac.ived. by: _
TyPQ of Request ~
Taxable Bond Issue
Ti!lx"'E;xe.nrpt Bond Issue X
n.fun~inq of Previous Bond Issue '
APPLXCA7rOR Faa TAXABLE/TAX EXEHP~
DODD FIKAMCING OR aOND REFUNDING
(Complete as appropriate)
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6. Applicant's business to~ (corpo~ation, partnership, sole
proprietorship, etc.) and $tate of ineorporation or
. orqanization: ,
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7. If tne ~pp11cant is a oorporation, list the officers, directors
and stockholders holdinq more than 5% of the stock of the
corporation. State their name, address, telephone and
relationship to the applican~. (If a corporation is not
formed, list the potential off\cers, ctirQctors and
stockholders) :
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. . SEP. 8.1':f.:fr 11' :>':'Hl., nvr ........... ".... ,.' ,-- (WED) 8, 21' 02 12: 11/ST, 12: 10/NO, 4862015115 P 4
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a. If the applicant is a partnership, list thQ general partners
and any limited partners with more than 5~ intere~t. (If th~
. partnership is not formed, give ~s mu~h data as possibl~
concGrninq the potential partners) ~
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9. List any oities to which you have previously applied for
taxa~le/tax exempt bond financinq within the last five years:
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. 10. Ras the applicant ever been in bankruptcy? If yes, please
explain:
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ll. Haa the applicant Gver defaulted on any bond or rnortqbq&
commitment? It yes, please explain:
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PROJBC~ INFORMATION
· . 't
1. project name~ ' { l (
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~. Leqal description of thQ site: )t(
(({fZce ~, ((,
3. Brlet description or thQ nature of ~he bus ness. such as
principal services or j
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4. Amount ot bond issue requested: $ , l~ , c, .} J. Lf.{ <
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5. WhQ is lending interim finaneinq, and in what amount:
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BUSINBS5 IKfORMAT1ON
1. Number of employees in Hopkins?
Full Time Part ~ima
A. aefore this ~~oject; ILf /[
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a. After this project: .) { "f;"; ( )
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2. projected annual sales: $ ,~) '\ ' '; ( J ~- (' , ,--
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3. Projected annUal payroll: $ ,) I ') I L (
4. rs toe projecc aS500iated with an existing Hopkins businesS?
A. Yes ~
B. No
.
FROM FAEGRE & BENSON
,5EP. 8.1997 11:59AM ~ll~ \.,.1.. I nnL.L.. {WED) 8 2J'02 12:12/ST. 12:10/NQ, 4862015115 P
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5
5. If this project is associated with an ~xistin9 Hopkins
. bUsiness, whicb or the following apply:
A. RGloca.tion
a. Expans ion ~ X =
C. Rehabilitation
6. Will you occupy this pro;eet after oomplation?
I
A. '\l@.$ x..
B. No "
7. If no, state name of future lessees and 5tatus of commitments
or lease agreements:
I II t
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8. Estimated date ot con.truetion: (1"l C)",,,,p 1 etion: '}'(/ ( 'J
. 9. Will any PUblic official of tha city, directly or indjrectly,
to the best of your knowledge, benefit by the issuance of the
City'S tax-exempt financing for this ~roject aecordinq to
Minnesota statutes, sraetion 412.87?
If so, please explain:
} ) C
ULI)I'G REOUlREHENTS
You ~ust provide all of the following items with your application,
unless the Director of Planning & Economic Oev.lopment waives a
requ irsnnent ;
1. It the project requires approval by the Zoning and Planning
Commission, you must apply for these approvals prior to or with
thi6 application. If Zonin~ or Planning Commission approval is
not required, you must subm~t a list of property owners ana
their addresses, for your property and for all ~roperties
. t./'i.thin 3!50 feet. An abstract company must certify this list.
Abstract companies are listed in the yellow pages.
- --------
FROM FAEGRE ~ENSON (WED)
... SEP. 8.1 lc:~' MtJr"'"I'\.L"..::J' '-'4-' I ,,.,.__ 8,21' 02 l2:12/8T, 12:JO/NQ, 4862015115 P 7
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. 2. A written opinion, with supportinq justification, from an
exp&rt acceptabl~ to the Director ot Planning & Economic
Development, to dooument t~at the dQvQ10pment will not
adversely effGct similar, existing develQpmQnts. This
requirement may be waived if there are no sinilar developments
in the area ot your project.
J. A public hearing notice and reBolution at p~eliminary approval.
You must have thQSQ item$ prepared by the City's bond oounsel.
4. An applioation tee of $5,000. Make your check out to the City
of Hopkins. Thi$ feo is not refundable and is S9pa~at~ from
the Bond Counsels', City Attorneys' , or closing tees.
PROCEDURE:
1. Return this application to the community Development
Department.
2. The City cQunci1 will hold a pupl1c hearinq and d~eide whether
to ~pprove your application. City staft'will notify you of the
meeting.
. RBQUIR~E~9 FOR TAX-~XnKfT/TAXADLB BONn FI~CIKG
tour application must meet the following requirements tor approval
of taxable/tax-exempt bond finanoing:
~. The project shall not require a siqnificant amount of public
money for city i~provement$ if thQ city council determines that
the site i6 premature for development,
2. The notes or bQnda shall be for an issue not less than
$250,000.
3. Construction must begin within one year ot preliminary
approval. The city Counoil may grant a time extension if just
oause is s-hown.
4. Contractors doing work on projects funded in whole or ~~ par~
cy tax-exempt financing~
a. Shall not discriminate in the hiring and firing of
e~ploYQQs on the basis ot race, color, creed, religion,
. national origin, sex, marital status, age, disability or
the need for public assistance.
r
FROM FAEGRE & BENSON
. SEP. 8.1997 12: l?0-'M Hut"I'\J,le 1...1. I I ~ (WED) 8,21' 02 1?:12/ST. 12:10/NO 4862015115 P
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. b- Shall pay employees as provided under the United States
Code, Section 216A, as amen~.a through June 23( ~986, and
under Minnesota Statutes 1985, Sections 177.41 - 177.44.
o. Shall Qm~loy Minnesota residents in at l@ast 80% of the
jobs created by the projeet. In addition, at least Got of
these em~loyeeB shall be residents of the seven-county
met~opolitdn ares. Re$idential status Bh~ll pe determined
as of the date of t~e project's approval by the city
Counoil. However, if ~h. contractor c~n Mhow that these
quotas are not pOQsible because of a shortage ot qualified
personnel in speoific SkillS, the contractor may request a
release trom the City Counoil of the two resid~ney
requirements. These req4irements shall continue for the
length of the construction project.
d. Shall be aotive participants in a State ot Minnescta
apprentice program, app~ov.~ by tne Departm&nt of Labor
and Industry.
e. The above requIrements shall apply to all suboontractora
working on the project.
5. You Dust use thQ City'S Bond Counsel.
6. The project must involve an ~xistinq busin.ss that the city
. wishQ$ to expand or a n$W business which the City wishes to
attract. A business is the manufacturinq, distribution, sale,
storaqe or naking of any merchandise, real estate, p~oduc@
fOOQ, ho~&ing or se~viCQg whieh will produce income for one or
mo~e inctividual$. An existing business is a commercial project
that has operated for at least one year in the City. A new
business is a cOmffiercial project which does not qualify as an
existing basiness.
a. Existing business criteria: The city will con5ide~ any
expansion, relocation or rehabilitation of an existing
business for approval.
b. New business oriteria: The city will only oonsider a new
business for approval if i~:
( l) Offere at least 400 hours per week of new,
year-aro~nd employment, or
(2) Invotves the rehabilitation of a vacant or scheduled
to be vacated struoture, or
( J ) Is ~!thin a designat.d d~vQlopmQnt or radevelopment
t~rget area, and
(4) Has a low potential for creating pollution.
. 7 . Tha project must exceed ~inimum code requirements by including
at ~east five of the tol1owin~ teatur.~ into the project!
FROM FAEGRE ~BENSON
SEP. 8.1 '( 1':::; "'J/"'I'j nl,Jr"....J....... '-.L ~ I 1._ [WED) 8, 21' 02 12: 13/ST, 12: 10/NO, 4862015115 P 9
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B
. a. Brick
b. B~ilding design should be a distinctive, non~9QnQric
style.
c. A no~iceabl. increase in the size and quantity ot
landscape plantinqs over what the City normally requires.
d. Underqround irrigation of all landScaping.
e. Open space, other than required se~back9.
t, At least 10% more p~rking than ooda requires.
g. Walkway along street frontages.
h. All parking stall widths at least ten feet.
i. All signs shall be at least 20t smaller or fewer than
allowed by coda.
s. City B~aft shall ravie~ co~plianoe with th~ appropriate
request tor :efunding of previous bond issues.
9. ~ou must pay an administrative fee to the Cit~ at one half
percent of the bond iSSUQ. The city ~ill cred~t the
application fee against the administrative fee.
. AGRIIIJIIH'1'
I, by signing this application, agree to the followinq:
1. I have read and will abide by all the raquir~nts of the
City tor taxable/tax-exempt finanoing. I will also commit
all contractors, subcontractors and any othe~ major
oontribu~ors to thQ project to all segments applicable to
the~. I am aware that failure to comply by myself or any
of the above can result in canc~llation of th~ resolution.
2. The above information is true and correct~
3. I agree tQ pay all oosts involved in th. leqal ana fiscal
teview of this project. These costs include the Bena
Counsel and City Attorney, and all cos~s involved in the
issuance of the bonds to finance the project.
4. I undQrst~nd that the City reserves the right to deny
final approval, reqardls5s of preliminary app~oval or the
. degree of ~o~t~ion co~~leted.
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../ c, ~'
i1 . '/ y :) \ (' ,F
Date
. financap .
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The Terraces Assisted Living, LLC.
BOARD MEMBERS
President
JACK HODNETT Work: 65] -290-1610
4708 W. 70TI! ST. Home: 952-922- 7788
EDINA, MN 55435
SS #:035-] 8-2336
Vice President
DICK KLEIN Work: 952-470-2515
6135 CREEK LINE DR. Home: 952-906-3358
MINNETONKA, MN 55345
SS #:470-32-1523
. Treasurer
MARlL YN MOORE
8400 PENNSYLVANIA RD. #332 Home: 612-94 J -0010
MINNEAPOLIS, MN 55438
SS #:469-22-1663
Secretary
flM MULLlN Work: 651-290-16]3
328 W. KELLOGG BLVD. Home: 612-377-8675
ST. PAUL, MN 55102 Fax: 651-291-4547
SS #:470-38-1597
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! I
,e PROPERTY IDENTIFICATION AND LOCATION f
I The subject real estate is a proposed 86 unit assisted living facility that will include 25 units for
memory care residents. The new facility will be attached to the existing independent/congregate
care building that was constructed in 1988.
I
I LEGAL DESCRIPTION
That part of Lot 1, Block 2, OPUS 2 NINTH ADDITION, according to the recorded plat thereof,
I Hennepin County, Minnesota, except the following described parcel: That part of Lot 1, Block 2,
OPUS 2 NINTH ADDITION, according to the recorded plat thereof, Hennepin County,
Minnesota, embraced within Lots 1 to 30 inclusive, Block 1, DAVISON'S ADDITION TO
I WEST MINNEAPOLIS, including that of the adjoining vacated 12th and 13th Avenues and of
that part of adjoining alley, described as follows:
I Commencing at the Northeast corner of said Lot 1, Block 2; thence North 87 degrees 12 minutes
36 seconds West on an assumed bearing along the North line of said Lot 1, Block 2 a distance of
336.36 feet to the point of beginning of the property to be described; thence continuing along said
I North line of Lot 1 along a tangential curve concave to the north, 116.06 feet said curve having a
f central angle of 31 degrees 40 minutes 00 seconds, a radius of 210.00 feet; thence along a reverse
curve concave to the south, 307.70 feet said curve having a central angle of 43 degrees 12 minutes
39 seconds, a radius of 408.00 feet; thence along a compound curve concave to the south, 104.06
feet said curve having a central angle of 23 degrees 52 minutes 55 seconds, a radius of 249.65
I feet; thence South 44 degrees 24 minutes 38 seconds East, 265.10 feet; thence South 45 degrees
35 minutes 22 seconds West, 46.27 feet; thence South 44 degrees 24 minutes 38 seconds East,
158.01 feet; thence North 45 degrees 35 minutes 22 seconds East, 328.39 feet to the west line of
I exception parcel; thence North 0 degrees 49 minutes 22 seconds East, 37.91 feet to the point of
beginning.
I
I
II
01140 Shet1elroll Company 29
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Jim Kerrigan
.rom: Galey, Stefanie N. [SGaley@faegre.com]
ent: Wednesday, August 28,20023:12 PM
To: Jim Kerrigan (E-mail)
Subject: St. Therese Southwest, Inc,
You have received an application from The Terraces Assisted Living, LLC (an
affiliate of St. Therese Southwest, Inc. ) for the issuance of tax-exempt
revenue bonds in the amount of approximately $11,500,000, for the purpose of
constructing an 86 unit assisted living facility adjacent to the existing
independent living facility owned by St. Therese. If the city issues more
than $10,000,000 of bonds in this calendar year, the City cannot designate
any bonds as ~bank qualified obligations,~ and the City could therefore pay
slightly higher interest costs on its TIF/PIR bonds that it is planning to
issue in 2002. In order to compensate the City for its additional interest
cost, the applicant will be required to pay to the City an amount equal to
the present value of such additional cost, as determined by the City's
fiscal consultant, as of the date that the City sells its bonds. This
payment from the applicant will be in addition to the City's administrative
fee equal to 1/2% of the principal amount of revenue bonds to be issued
($57,500,assuming bonds of $11,500,000) and payment or reimbursement for all
City out-of-pocket expenses, including legal fees. The preliminary
resolution which is on the Council agenda for the meeting of September 3rd
makes specific reference to the applicant's obligation to pay this fee.
As always, in the issuance of housing revenue bonds of this type, the City
will have no liability for the payment of any amounts due and owing with
respect to the bonds, and the bondholders will look solely to the pledged
.evenues (anticipated to be an FHA-insured mortgage) for payment of the
onds.
Please let me know if I can be of any further assistance.
Stefanie Galey
Faegre & Benson LLP
(612) 766-7661 (direct dial)
(612) 766-1600 (fax)
sgaley@faegre.com
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1
. . ..... ........... ~ ..... ~ _ ...........i ...........~~'I.J.....J,....o.,l. .A..J'lJ \..:7.l'V~'" NO, 652; F, ~i UU;)
- ~.',' '1 1 C .'\ ~ A' I. 0 1 T If 'II. ,,:,,~ K ' !'I r. .
['/I.A, R ,:, L I) ~: (. v ' I) ). Ivl ~, . . '~'_' _ r, \) r l 1\ J
Cbange Order No.1 - h1arch 7,2002
Lalce Street over MinnehahIJ. Creck
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***DECREASE***
ITEi'\i No. I UNIT UNlT QUANTITY TOTAL
DES€RIPTWN PRICE ?:..l\rllmJNT
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2104.501 Remove sewer pipe (sanira..ry) Lin.Ft. $ 49.40 85.0 $ 4,199,0(,)
2104.501 Remove water mai>> Lin,Ft. .$ 49.40 185,0 I $ 9)39.00
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L 2104509 Remove manhole Each $ 410,00, ') 0 I "" 'T~ r' ,,,..
, --" .:p .l.,..:..Jl),v,,:'.
I 2501.511 \ 15" RC nipe. culvert Class ill Lin.FL I $ 75.25 I T"J 0 I t 'I 408 0'
...~~. '-t.!.o J . ~.~
I 2503,603 '18" steel casing pipe (jacked) I Lin.FL I $ 256.00 170.0 I $ 43,520.00.
2503.603 8" DIP sewer pipe Lin,Pt. I $ 67.00 180.0 $ 12,060,u.0
2503,603 8" drop riser Lin.FL $ 154.00 3.0 $ 462,0()
2503.603 Fill and abandon pipe Lin.Ft. $ 10.00 100.0 $ 1,000,00
2504.602 6" gate valve alJd box Each $ 690.00 5,0 $ 3,450,00
2504.602 6" pipe bend (45 degrees) Each $ 174.00 4,0 $, 696,00
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2504.602 Connect to existingi water main Each $1,525.00 3.0 $ 4,575.0u
2504,602 Instal! hydrant and valve each $2,060.00 1.0 I $ 2,060.w
I 2504.603 6" water main - ductile iron, Class 52 Li n ..t't. I :!: 60.20 205,O! $ 12.3,41.0(,
. .
I 2506,502 ! Construct drainage 's true t1.rrt, DES 48-4020 I Each $1,530,00 I 1.0! 3l 1.530.0CJ
! 2)06,602 I Construct sanitary manhole I Each $1,875.00 2,0 $ 3,750.0u
. " 2506.608 COTISlruct drop section Each $1,150.00 I 1.0 I $ 1,150.00
.. TOTAL DECREASE $103,57IUJ(j
***INCREASE***
ITEM No. \ DESCRIPTION UNIT I UWT \ QUANTiTY I TOTAL
P.PJCE AhfO'i}NT
Increased labor costs I LUlnD Sum $ 32.479,52 1 0 I q; ") '1 '!7C) ,~>~
, .".... _l~~" ~'..,.i'.:;"
I I 1\1odify forms (cast'abutment) I LlliJl~ Sum 1$ 3,424.40 r- ' (. I $ .-~ ~ ri -"1 .... /.
L.J ' .:),'+-':.'1'.<+....
2503,603 I 4211 steel pipe iacked LtlIDp Sum $ 90,239.48 1.0 :$ 90.:239.4~
Move valves and hydrant Lump$um $ ,14,462.28 1.0 :$ 14,462.22
Install temporary manhole& sheeting Lump Sum $ 11,701.20 LO $ 11,701.2C
Set up box and string pipe in casing Lump Surn . $ 7,665,35 1.0 $ 7,665.3:':
Tie~in sanitary & water (east side) Lump Sum $ 16,792.76 1.0 :$ 16,792.7(
Tie~in sanirary & waler (west side) Lump Sum $ 17,815.93 I 1.0 $ 17,815.9:
Storm sewer work LUmD Sun'~ $ r n 80 -") I 1.0 i $ 6,880.51
b,6 .)_
Dewatering Lump Sum I $ 42,319.20 1.0 $ 42,319.2l
Como1cle sanitary sewer/water main Lump Sum $ 2,000.00 I 1.0 $ 2,OOO.O(
TOTtl,L INCREASE $245t7g0.6~
. NET INCREASE CHANGE ORDER NO.1 $142,210.64