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<br />I <br /> <br />Council Meeting Minutes <br />June 26, 1990 <br /> <br />Page 3 <br /> <br />Public Hearings, continued <br /> <br />Motion by Williams, seconded by Larson, to WAIVE THE READING AND <br />ADOPT THE RESOLUTION GIVING PRELIMINARY APPROVAL TO REMMELE <br />ENGINEERING TO USE REVENUE BONDS FOR THEIR NEW BRIGHTON FACILITY. <br /> <br />5 Ayes - 0 Nayes, Motion Carried <br /> <br />Norris said the Long Term Care Foundation is purchasing the <br />Innsbruck Healthcare Center and 17 other Metro Area Beverly-owned <br />facilities. The Foundation is proposing to finance the acquisition <br />through tax-exempt industrial development bonds. <br /> <br />Because five facilities are in Minneapolis, the City of Minneapolis <br />agreed to issue the bonds. New Sri ghton must conduct a pub 1 i c <br />hearing to authorize bond issuance and execute a joint powers <br />agreement with the other cities. The Foundation is responsible for <br />any costs of issuance, bond payment and security. In the event of <br />'a default, the City is not responsible for bond payments. <br /> <br />I <br /> <br />Because the Foundation is nonprofit and tax exempt, the Foundation <br />agrees to make annual payments to the Ci ty in 1 i eu of real estate <br />taxes in accordance with State law provisions. <br /> <br />Norris reviewed counsel IS recommended amendments to the conditions <br />of the preliminary resolution and the joint powers agreement. <br /> <br />Rod Pakonen, Foundation representative, said Bloomington, Hopkins, <br />and Mi nneapo 1 is have approved the agreement, and the rema in i ng <br />cities are expected to vote affirmatively. <br /> <br />Walt Witzke, 771 Emerald Drive, asked the amount of 1989 property <br />tax being paid by Beverly. Mr. Pakonen verified the tax amount as <br />$41,888, of whi ch the City recei ves about 12%. The underwri ters <br />have agreed to underwrite a small amount of taxable bonds if needed. <br /> <br />Motion by Brandt Rebelein, seconded by Williams, to CLOSE THE PUBLIC <br />HEARING. <br /> <br />5 Ayes - 0 Nayes, Motion Carried <br /> <br />I <br /> <br />Motion by Williams, seconded by Benke, WAIVE THE READING AND ADOPT <br />THE RESOLUTION GIVING APPROVAL TO LONG TERM CARE FOUNDATION TO USE <br />TAX EXEMPT BONDS FOR ACQUISITION OF INNSBRUCK HEALTHCARE CENTER; AND <br />WAIVE THE READING AND ADOPT THE RESOLUTION APPROVING AND AUTHORIZING <br />JOINT POWERS AGREEMENT EXECUTION RELATING TO USE OF TAX EXEMPT BONDS <br />FOR ACQUISITION OF HEALTHCARE CENTER BY LONG TERM CARE FOUNDATION. <br /> <br />5 Ayes - 0 Nayes, Motion Carried <br /> <br />Publir; Hearing <br /> <br />7:35 - 7:36 p.m. <br /> <br />Issuance of Revenue <br />Bonds to Remmele <br />Engineering <br />Report 90-139 <br />Resolution 90-55 <br /> <br />7:38 - 7:46 p.m. <br /> <br />Issuance of Tax Exempt <br />Bonds for Innsbruck <br />Healthcare Center <br />Report 90-140 <br />Resolution 90-56 <br />Resolution 90-57 <br />