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Apple Valley council approves private-activity bonds for Presbyterian Homes Orchard Path Phase 3, 4-1
Summary
The council adopted a resolution authorizing issuance of senior housing revenue bonds to finance a 75-unit expansion at the Cobblestone Lake Presbyterian Homes facility; the vote passed 4-1 and city staff said the bonds are conduit debt and do not obligate the city to repay.
The Apple Valley City Council voted 4-1 on April 10 to adopt a resolution approving private-activity bonds to finance an expansion at the Cobblestone Lake Presbyterian Homes facility, a project the applicant says will add 75 independent-living units, 58 assisted-living units and 20 memory-care units.
City staff described the financing tool as "private activity bonds" or conduit debt issued through the city where repayment is secured by the project's revenues and mortgage rather than by the city. Ron, a city staffer…
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