HomeMy WebLinkAboutResolution - 2016-76 - Greenwood Charter School Lease Revenue Bonds - 06/14/2016 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY,MINNESOTA
RESOLUTION NO. 2016-76
RESOLUTION APPROVING THE ISSUANCE BY THE CITY OF
GREENWOOD, MINNESOTA OF ITS CHARTER SCHOOL LEASE
REVENUE BONDS, SERIES 2016A AND SERIES 2016B (MAIN STREET
SCHOOL OF PERFORMING ARTS 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 Greenwood,
Minnesota(the "Issuer") intends to issue revenue bonds for the purpose of financing the
acquisition, construction, reconstruction, improvement, betterment or extension of an
approximately 77,548 square foot charter school facility (the "Facilities") located at 7255 Flying
Cloud Drive in the City of Eden Prairie, Minnesota on behalf of Main Street School of
Performing Arts ABC, a Minnesota nonprofit corporation (the "Corporation"), and leased to and
operated by Main Street School of Performing Arts (the "Academy"), a public charter school
sponsored by the University of St. Thomas.
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 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 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 the issuance of the City of Greenwood, Minnesota
Charter School Lease Revenue Bonds (Main Street School of Performing Arts Project),
Series 2016A (the "Series 2016A Bonds") and its Taxable Charter School Lease Revenue
Bonds (Main Street School of Performing Arts Project) Series 2016B (the "Series 2016B
Bonds, and collectively with the Series 2016A Bonds, the "Bonds") for the purpose of
(i) financing the acquisition, construction, reconstruction, improvement, betterment or
extension of the Facilities; (ii) funding a debt service reserve fund; (iii) paying a portion
of the interest on the Bonds; and (iv)paying a portion of the costs of issuing the Bonds.
(b) The maximum aggregate face amount of the Bonds is $10,500,000.
(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 the Bonds by the City of
Greenwood, Minnesota to finance the Project.
ADOPTED by the Eden Prairie City Council on this 14th day of June, 2016.
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ATTEST:
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Kat een Porta, City Clerk
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