2018.06.26 CC Minutes - Laserfiche WebLink

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June 26, 2018 Page 3 of 5 7. Consider Request for Exemptiorl from Lawful Gambling License —New Brighton Eagles 7. Exempt &um LawfW Auxiliary #3718. GamblingLicense—New Brighton Eagles Auxiliary #3718. Motion by Councilmember Burg, seconded by Councilmember Dunsworth to approve the Consent Agenda as presented. Councilmember Burg reported the Brightwood Hills Golf Course received a grant from the Professional Golfers' Association of America to continue to provide an after-school program which provided golf lessons to students. 5 Ayes, 0 Nays - Motion Carried Public Hearing 1. Conduct Public Hearing to Consider Resolution Giving Host Approval to the Issuance of a Charter School Lease Revenue Note to be Issued by the City of Landfall Village. Motion by Councilmember Burg, seconded by Councilmember Jacobsen to adopt a Resolution granting host approval to the issuance of a Charter School Lease Revenue Note to be issued by the City of Landfall Village. City Manager Lotter indicated Finance Director Davitt would be presenting this item to the Council. Finance Director Davitt stated Global Academy ABC, proposes to finance the acquisition, renovation, and equipping of an approximately 64,000 square -foot, grades Pre -Kindergarten through 8 public (charter) school facility that will leased to Global Academy, to be located at the United Theological Seminary site at 3000 5th Street. The Project will be owned and operated by Global Academy ABC and leased to and operated by the School. Global Academy ABC has determined to finance the New Brighton Project through the issuance of revenue notes, in one or more series, as taxable or tax-exempt obligations, by the City of Landfall Village, in the estimated maximum principal amount of $8,500,000. The IRS revenue code of 1986, Minnesota Statutes, Sections 469.152 through 469.165, require prior to the issuance of the Notes by the City of Landfall Village, the City is required to conduct a public hearing on the New Brighton Project and the issuance of the Notes. Katherine Courtney, Briggs & Morgan, reported she was assisting the City as Bond Counselor for this request. She discussed the Federal Tax Code and noted 501 C3 organizations could issue bonds through cities for projects. She noted Global Academy was requesting the City grant host approval to issue Charter School Lease Revenue Note bonds which would be issued by the City of Landfall Village. Motion by Councilmember Jacobsen, seconded by Councilmember Dunsworth to open the Public Hearing. 5 Ayes, 0 Nays - Motion Carried The Public Hearing was opened at 6:58 p.m. Mayor Johnson asked for additional comments, there were none. Motion by Councilmember Jacobsen, seconded by Councilmember Allen to close the Public Hearing. 5 Ayes, 0 Nays - Motion Carried Public Hearin 1. Conduct Public Hearing to Consider Resolution Giving Host Approval to the Issuance of a Charter School Lease Revenue Note to be Issued by the City of Landfall Village.