Passage of this Resolution sets a public hearing for September 18, 2018 to loan the proceeds of the bonds to the borrower for certain improvements and reserves.  Benedictine Health is proposing a independent, assisted living and memory care facility in West Shakopee as part of Windermere.

The proposed bond issuance is a special, limited obligations of the City payable solely from the revenues pledged to the repayment and will not be general or moral obligation of the City and will not be secured by or payable from revenue derived from any exercise of the taxing powers of the City. The bonds will finance the BHS multifamily housing development designed and interended to be used for rental occupancy by elderly persons.

The City has issued similar bonds in past for BHS and the hospital system.

The City is allowed to collect a $50,000 fee for acting as the bonding authority is also to be reimbursed for expenditure as allowed under Section 1.150-2(d)(3).