HomeMy WebLinkAboutResolution - 2013-49 - Approving Deephaven's Issuance of Eagle Ridge Academy Lease Revenue Bonds - 05/21/2013 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2013-49
RESOLUTION APPROVING THE ISSUANCE BY THE CITY OF DEEPHAVEN,
MINNESOTA OF ITS CHARTER SCHOOL LEASE REVENUE BONDS,
SERIES 2013A AND SERIES 2013B (EAGLE RIDGE ACADEMY PROJECT)
BE IT RESOLVED by the City Council (the "Council") of the City of Eden Prairie,
Minnesota(the "City"), as follows:
Section 1. Recital, This Council has received notice that the City of Deephaven,
Minnesota(the "Issuer") intends to issue revenue bonds for the purpose of financing the cost of a
proposed project located within the City(the "Project")on behalf of Eagle Ridge Academy
Affiliated Building Company, a Minnesota nonprofit corporation(the "Corporation"), consisting
of the acquisition and renovation of a school facility,to be owned by the Corporation and leased
to and operated by Eagle Ridge Academy, a public charter school sponsored by Friends of
Education (the "Academy").
Section 2. Finding . At a public hearing, duly noticed and held on the date
hereof, in accordance with the Act and Section 147(f) of the Internal Revenue Code of 1986, on
the proposal to approve the financing of the Project, all parties who appeared at the hearing were
given an opportunity to express their views with respect to the proposal to finance the Project
and interested persons were given the opportunity to submit written comments to the City Clerk
before the time of the hearing. Based on the public hearing, such written comments (if any) and
such other facts and circumstances, as this Council deems relevant, this Council hereby finds,
determines and declares as follows:
(a) The Issuer intends to issue revenue bonds on behalf of the Corporation for
a public education facility. Based on the representations of the
Corporation and the Academy, the Project will consist of the acquisition,
construction, reconstruction, improvement, betterment or extension of an
approximately 77,548 square foot charter school facility.
(b) The maximum aggregate face amount of the obligations to be issued with
respect to the Project is $9,500,000.
(c) The Project will be owned by the Corporation and will be leased to and
operated by the Academy.
(d) The Project will be located at 7255 Flying Cloud Drive in the City.
Section 3. Approval. The City hereby approves the issuance of bonds by the City
of Deephaven, Minnesota to finance the Project.
ADOPTED by the City Council of the City of Eden Prairie this 21 st day of May, 2013.
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ATTEST:
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Kat leers Porta. City Clerk
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