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Eclty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 7.1 <br /> Agenda Section Meeting Date Prepared by <br /> Public Hearin s December 18, 2017 Lori Ziemer, Finance Director <br /> Item Description Reviewed by <br /> Resolution Consenting to the Issuance of Cal Portner, City Administrator <br /> Refunding Revenue Bonds (Evans Park,Inc. Reviewed by <br /> Projects <br /> Action Requested <br /> Adopt,by motion, a resolution consenting to the issuance of refunding revenue bonds by the City of <br /> Otsego for the refunding of outstanding revenue bonds issued by the City of Elk River. <br /> Background/Discussion <br /> In 2011, the City of Elk River authorized the issuance of conduit revenue bonds in an amount of <br /> $3,600,000 for the Evans Park Inc. Project to provide financing for the 30-unit memory care addition to <br /> Guardian Angels by the Lake. <br /> Evans Park,Inc. has requested the City of Otsego to authorize and provide for the issuance and sale of <br /> conduit refunding revenue bonds. The requested financing would be used to refund the outstanding <br /> conduit revenue bonds originally issued through the cities of Otsego,Albertville, and Elk River. <br /> The refinancing requires that the City of Elk River grant consent to the issuance of the conduit refunding <br /> revenue bonds by the City of Otsego. The cities of Otsego and Albertville have consented to the <br /> issuance of the conduit refunding revenue bonds by the City of Otsego. <br /> Financial Impact <br /> There is no financial impact or obligation to the City of Elk River. <br /> Attachments <br /> ■ Resolution consenting to the issuance of refunding revenue bonds by the City of Otsego <br /> ■ Agreement <br /> The Elk River Vision <br /> A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By <br /> service, and community engagement that encourages and inspires prosperity INAWRE1 <br />