2013-47 Extract of Minutes of a Meeting of the
City Council of the City of Chanhassen,Minnesota
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Chanhassen, Minnesota, was duly held at the City Hall in said City on Monday, October 14,
2013, at 7:00 P.M.
The following members were present: Mayor Furlong, Council members Ernst,
Laufenburger, McDonald and Tjornhom
and the following were absent: None
Member McDonald introduced the following resolution and moved its adoption:
RESOLUTION NO.2013-47
RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE
OF SENIOR HOUSING REVENUE REFUNDING NOTES
UNDER MINNESOTA STATUTES, CHAPTER 462C AND APPROVAL OF
JOINT POWERS AGREEMENTS AND A HOUSING PROGRAM
(PHS/CHANHASSEN, INC.PROJECT)
The motion for the adoption of the foregoing resolution was duly seconded by member
Laufenburger, and after full discussion thereof and upon vote being taken thereon, the following
voted in favor thereof: Mayor Furlong, Council members Ernst, Laufenburger, McDonald, and
Tjornhom.
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
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RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE
OF SENIOR HOUSING REVENUE REFUNDING NOTES
UNDER MINNESOTA STATUTES, CHAPTER 462C AND APPROVAL OF
JOINT POWERS AGREEMENTS AND A HOUSING PROGRAM
(PHS/CHANHASSEN,INC. PROJECT)
BE IT RESOLVED, by the City Council (the "Council") of the City of Chanhassen, Minnesota
(the "City") as follows:
Section 1. Description of the Project.
(a) PHS/Chanhassen, Inc. (the "Borrower")has represented to the City as follows: the
Borrower is a Minnesota nonprofit corporation and organization described in Section 501(c)(3)
of the Internal Revenue Code of 1986, as amended (the "Code"), and has proposed that the City
of Carver, Minnesota ("Carver"), the City of Rockford, Minnesota ("Rockford"), and the City of
Spring Park, Minnesota ("Spring Park," and, with Carver and Rockford, the "Issuing Cities")
assist in financing a portion of the costs of refinancing the outstanding principal balance of the
City of Victoria, Minnesota's ("Victoria") $7,710,000 Senior Housing Revenue Bonds
(PHM/Chanhassen, Inc. Project), Series 2003A and $16,425,000 Senior Housing Revenue Bonds
(PHM/Chanhassen, Inc. Project), Series 2003B (the "Prior Bonds"), the proceeds of which were
used to finance the acquisition, construction, and equipping of a 161-unit senior housing and
assisted living facility located at the southeast corner of Highway 101 and Lake Drive in the City
(the "Project"),pursuant to Minnesota Statutes, Chapter 462C(the "Act").
(b) The issuance of the Notes (as hereinafter defined) and the refinancing of the
Project are more fully described in the Housing Program pursuant to the Act (the "Housing
Program"). The Housing Program is currently on file in the offices of the City Manager.
(c) Pursuant to separate Joint Powers Agreements between the City and each of the
Issuing Cities (the "Joint Powers Agreements"), in accordance with Minnesota Statutes, Sections
471.59 and 471.656, subdivision 2(4), the Issuing Cities will issue their City of Carver,
Minnesota Senior Housing Revenue Refunding Note (PHS/Chanhassen, Inc. Project) Series
2013A, City of Rockford, Minnesota Senior Housing Revenue Refunding Note
(PHS/Chanhassen, Inc. Project) Series 2013B, and City of Spring Park, Minnesota Senior
Housing Revenue Refunding Note (PHS/Chanhassen, Inc. Project) Series 2013C, respectively
(collectively, the"Notes"), each in an aggregate principal amount not to exceed$6,750,000. The
Notes, as and when issued, will not constitute a charge, lien or encumbrance upon any property
of the City and will not be a charge against the general credit or taxing powers of the City.
Copies of the proposed forms of the Joint Powers Agreements have been presented to the City
Council in connection with its consideration of this Resolution, and are currently on file in the
offices of the City Manager.
Section 2. Recital of Representations Made by the Borrowers.
(a) The Borrower has agreed to pay any and all costs incurred by the City in
connection with the issuance of the Notes,whether or not such issuance is carried to completion.
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(b) The Borrower has represented to the City that no public official of the City has
either a direct or indirect financial interest in the Project nor will any public official either
directly or indirectly benefit financially from the Project.
Section 3. Public Hearing.
(a) As required by the Act and Section 147(f) of the Code, a notice of public hearing
was published in the City's official newspaper and newspaper of general circulation, for a public
hearing on the proposed issuance of the Notes by the Issuing Cities, the proposed Housing
Program, and the proposal of the Borrower to undertake and finance the Project.
(b) As required by the Act and Section 147(f) of the Code, the City Council has on
this same date held a public hearing on the issuance of the Notes by the Issuing Cities, the
proposed Housing Program, and the proposal by the Borrower to undertake and refinance the
Project, at which hearing all those appearing who desired to speak were heard and written
comments were accepted.
Section 4. Host Approval. The City Council hereby gives the host approval required
under Section 147(f) of the Code, approves of the Housing Program pursuant to the Act, and,
pursuant to Minnesota Statutes §471.656, Subd. 2(4), consents to the issuance of the Notes by
the Issuing Cities, each in an amount not to exceed $6,750,000 and the execution and delivery by
the City of the Joint Powers Agreements.
Mayor
ATTEST:
Cry D,�
City Manager
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STATE OF MINNESOTA
COUNTIES OF CARVER AND HENNEPIN
CITY OF CHANHASSEN
I, the undersigned, being the duly qualified and acting City Manager of the City of
Chanhassen, Minnesota, DO HEREBY CERTIFY that I have compared the attached and
foregoing extract of minutes with the original thereof on file in my office, and that the same is a
full, true and complete transcript of the minutes of a meeting of the City Council of said City
duly called and held on the date therein indicated, insofar as such minutes relate to granting host
approval to the issuance of a revenue note for a project in the City.
WITNESS my hand this /4 day of October, 2013,E
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anager
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