HomeMy WebLinkAbout1998-07-15 PACKET 04.F.REQUEST OF CITY COUNCIL RCTfON COUfVClL AGENDA
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DATE 7/15/98 °(•
PREPARED BY Finance Liz Johnson
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COUNGIL ACTION REQUEST
Schedule public hearing for a proposed project for Allina Health systems
BUDGET IMPLICATION: $ $
BUDGETED AMOUNT ACTUAL AMOUNT FUNDfNG SOURCE
ADVISORY COMMISSION ACTION
❑ PI�.NNING
❑ PUBUC SAFETY
❑ PUBLIC WORKS
❑ PARKS AND RECREATION
❑ HUMAN SERVICES/RIGNTS
❑ ECONOMIC DEV. AUTHORITY
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REVIEWED
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APPROVED
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DENIED
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0
SUPPORTING DOCUMENTS
� MEMO/LETTER:
❑ RESOLUTION:
❑ ORDINANCE:
❑ ENGINEERING RECOMMENDATION:
❑ LEGAL RECOMPNENDATION:
❑ OTHER:
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Date
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cau�c�� ac�ria� TA��N: ❑���RavEO ❑ DE�aEd ❑ a�r�t��
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To: Honorable Mayor and City Council Members
Ryan Schroeder, City Administrator
Kirstin Barsness, Economic Development Director
From: Elizabeth Johnson, Finance Director (� �
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Date: 07/09/98
Re: Allina Health Systems
Introduction
The City Council should schedule a public heanng on August 5, 1998 to approve Allina
Aealth System's proposed project within the city's border.
Discussion
The Allina Health System Cottage Grove site was built in 1996 through the issuance of City
of Woodbury revenue bonds. A11ina Health Systems also consfructed other facilities in
Eagan and Forest Lake at that time.
A11ina Health Systems is proposing to issue $I50,000,000 in revenue bonds to refinance the
bonds that were issued in 1996 and to consfruct and improve other facilities. The Cottage
Grove site will receive equipmenf and fumiYure. The benefit to the Cottage Grove site wil]
be approximately $4,100,000, which includes the equipment, fumiture, and refinancing the
orig'tnal �3,900,000 bond issue. The communities affected by this bond issue are City of
Cottage Grove, City of Baffalo, City of Coon Rapids, Ciry of Eagan, City of Forest Lake,
City of Woodbury, Counties of Anoka and Ramsey, and the North Suburban Aospital
District TChese communities are being asked to hold public hearings and execute joint
power agreements to approve the project within their borders. The City of Minneapolis and
the Housing and Redevelopment Authority of the City of St. Paul will issue the bonds.
The City of Cottage Grove will not be obligated for these bonds.
The purpose of fhe public hearing is to solicit citizen comments and to comply with statute
469.152. The purpose of the joinY powers agzeement is to formally approve the project
within the city borders and consent to the bond issue. There will be representatives from the
clinic, Allina business office and an underwriter present at the public hearing.
Requested Action
Schedule a pubiic hearing to be held on August Sth.