City Council Meeting Date: May 6, 2024
To: Mayor and City Council
City Administrator
From: Brenda Angelstad, Finance Director
Melissa Hanson, Housing Coordinator
Title
Public Hearing for the City of Northfield Approving Amendments to the Senior Housing Revenue Refunding Note (Northfield Retirement Community Project), Series 2013B and Authorizing Reissuance Thereof.
Body
Action Requested:
Public Hearing for the City of Northfield approving amendments to the Senior Housing Revenue Refunding Note (Northfield Retirement Community Project), Series 2013B and authorizing reissuance thereof. Following the Public Hearing, Council will be asked to consider approval of a resolution.
Summary Report:
On June 27, 2013, the Housing and Redevelopment Authority in and for the City of Northfield (the "HRA") issued its Senior Housing Revenue Refunding Note (Northfield Retirement Community Project), Series 2013B, in the original aggregate principal amount of $10,000,000 (the "Series 2013B Note"), pursuant to Minnesota Statutes, Chapter 462C, as amended, and a resolution adopted by the Board on June 13, 2013 (the "Note Resolution"). The HRA loaned the proceeds of the Series 2013B Note (the "Loan") to Northfield Care Center, Inc. and Northfield ParkView, Inc., both Minnesota nonprofit corporations (collectively, the "Original Borrowers"), pursuant to the terms of a Loan Agreement, dated as of June 27, 2013 (the "Loan Agreement"), between the HRA and the Original Borrowers. The HRA assigned its rights to the basic payments and certain other rights under the Loan Agreement to Choice Financial Group dba Choice Bank (formerly known as Venture Bank) (the "Lender"), pursuant to a Pledge Agreement, dated as of June 27, 2013 (the "Pledge Agreement"), between the HRA and the Lender.
The Original Borrowers used the proceeds of the Series 2013B Note to refund the HRA's Housing Revenue Bonds, Series 2006A and Housing Revenue Bonds, Series 2006B (Northfield Retirement C...
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