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Council approves host approval for Oakdale-issued bonds to benefit Ebenezer York Assisted Living

City of Edina City Council · November 19, 2025

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Summary

Edina granted host approval Nov. 18 for Oakdale to issue up to $25 million in revenue bonds (approximately $14 million allocated to Edina project components) to refinance and upgrade Ebenezer Society facilities; staff said the bonds pose no risk to Edina taxpayers or credit ratings and the council voted to adopt Resolution 2025-103 authorizing the host approval.

At a public hearing with no public testimony, the Edina City Council on Nov. 18 approved a resolution authorizing the city to give host approval for the City of Oakdale to issue revenue bonds to finance projects for the Ebenezer Society, including work on a facility in Edina.

Jenny Bolton, bond counsel for Oakdale, explained that combining Oakdale and Edina projects into a single issuance is efficient for the borrower and permitted by federal tax rules. She told council the issuance is a common tax-exempt financing tool for eligible nonprofit borrowers and that, because Oakdale will be the issuer, Edina faces no credit or tax liability. "There is no risk to the city of Edina or its taxpayers," Bolton said.

Ebenezer's chief financial officer described the need to refinance existing bank debt and to invest in deferred maintenance and upgrades in order to continue operations in the Edina facility. With no written or in-person opposition, the council closed the hearing and voted to adopt Resolution 2025-103 to authorize Oakdale's issuance on behalf of Ebenezer York Assisted Living LLC.

Next steps: Oakdale will proceed with bond issuance under the structure described and Edina will record host approval consistent with Minnesota procedures for project financing located in another jurisdiction.