HomeMy WebLinkAboutResolution - 2015-63 - City of Deephaven's Eagle Ridge Academy Project Lease Revenue Bonds - 06/16/2015 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY,MINNESOTA
RESOLUTION NO. 2015-63
RESOLUTION APPROVING THE ISSUANCE BY THE CITY OF DEEPHAVEN,
MINNESOTA OF ITS CHARTER SCHOOL LEASE REVENUE BONDS, SERIES 2015A
AND SERIES 2015B (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 refinancing a project
located at 7255 Flying Cloud Drive in the City (the "Project") on behalf of Eagle Ridge
Academy Affiliated Building Company, a Minnesota nonprofit corporation (the "Corporation"),
and leased to and operated by Eagle Ridge Academy, a public charter school sponsored by
Friends of Education (the "Academy").
Section 2. Findings. At a public hearing, duly noticed and held on the date hereof, in
accordance with Section 147(f) of the Internal Revenue Code of 1986, on the proposal to
approve the refinancing of the Project, all parties who appeared at the hearing were given an
opportunity to express their views with respect to the proposal to refinance 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, among other things, the refunding of all or a
portion of the City's Charter School Lease Revenue Bonds (Eagle Ridge
Academy Project), Series 2013A and its Taxable Charter School Lease Revenue
Bonds (Eagle Ridge Academy Project) Series 2013B which were issued to
finance an approximately 77,548 square foot charter school facility in the City.
(b) The maximum aggregate face amount of the obligations to be issued with respect
to the Project is $12,500,000.
(c) The Project is owned by the Corporation and leased to and operated by the
Academy.
Section 3. Approval. The City hereby approves the issuance of bonds by the City of
Deephaven, Minnesota to refinance the Project.
ADOPTED by the Eden Prairie City Council on the 16I" day of June, 2015.
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ATTEST:
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SEAL
K leen Porta, City Clerk