Minutes of the special meeting of the Economic Development Authority of Apple Valley, Dakota County, Minnesota, held May 12, 2005, at 7:30 o'clock p.m., at Apple Valley Municipal Center.

PRESENT: President Severson; Commissioners Bergman, Erickson, Goodwin, Grendahl, and Hamann-Roland.

ABSENT: Commissioner Edgeton.

Staff Members Present: Executive Director Lawell, Secretary Gackstetter, City Attorney Hills, City Engineer Manson, Finance Director Ballenger, Associate City Planner Dykes, Public Works Director Heuer, Community Development Director Kelley, and City Planner Lovelace.

President Severson called the meeting to order at 7:34 p.m.

APPROVAL OF AGENDA

MOTION: of Grendahl, seconded by Goodwin, approving the agenda for today's meeting. Ayes - 6 - Nays - 0.

MINUTES

MOTION: of Goodwin, seconded by Hamann-Roland, approving the minutes of the special meeting of April 15, 2005, as written. Ayes - 6 - Nays - 0.

EVERCARE SENIOR LIVING PROJECT

President Severson called the public hearing to order, at 7:35 p.m., to consider issuance of revenue bonds for senior housing and health care facilities, and noted receipt of the affidavit of publication of the hearing notice.

Mr. Lawell described the EverCare Senior Living, L.L.C., Project which involves the acquisition of four assisted living facilities, located in Apple Valley, Brooklyn Center, and Moorhead, Minnesota, and Fargo, North Dakota. The Economic Development Authority (EDA) is the conduit by which EverCare Senior Living, L.L.C., can receive the health care revenue bonds. Neither the EDA or City would have additional liability or cost associated with this project, nor would it impact the City's bond or credit rating.

The President asked for questions or comments from the Board and the public. There were none and the hearing was declared closed at 7:38 p.m.

MOTION: of Hamann-Roland, seconded by Goodwin, adopting Resolution No. EDA-05-02 authorizing the issuance and sale of up to $21,400,000.00 Health Care Revenue Bonds Series 2005A and 2005B for the EverCare Senior Living, L.L.C., Project; and authorizing execution of the necessary documents to complete the sale. Ayes - 6 - Nays - 0.

MOTION: of Hamann-Roland, seconded by Goodwin, adopting Resolution No. EDA-05-03 authorizing the issuance and sale of a $600,000.00 Health Care Revenue Note of 2005 for the EverCare Senior Living, L.L.C., Project; and authorizing execution of the necessary documents to complete the sale. Ayes - 6 - Nays - 0.

MOTION: of Hamann-Roland, seconded by Goodwin, to adjourn. Ayes - 6 - Nays - 0.

The meeting was adjourned at 7:41 o'clock p.m.