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Oakdale council approves conduit bonds to refinance Ebenezer-assisted living projects
Summary
The Oakdale City Council on Nov. 10 approved Resolution 2025-100, authorizing conduit revenue refunding bonds (estimated up to $25 million) to finance improvements at Ebenezer’s Oak Meadows assisted‑living facility and related projects; the city will collect fees estimated up to $217,000 and staff said repayment is the developer’s obligation, not the city’s.
The Oakdale City Council voted Nov. 10 to adopt Resolution 2025‑100, approving a plan of financing and authorizing the issuance of conduit revenue refunding bonds for projects tied to the Ebenezer Obligated Group, including Oak Meadows in Oakdale and York Gardens in Edina. City staff said the aggregate principal for the combined projects is estimated at no more than $25 million.
City staff told the council the financing would be issued under Minnesota statute chapter 462C as tax‑exempt conduit revenue obligation bonds. The staff presenter said the bonds are “special limited revenue obligation bonds” and emphasized that “they are not being pledged by taxpayer dollars” and that Ebenezer — not the city — would be solely liable for repayment.
Council members asked whether the financing could affect the city’s credit rating or debt limits; staff replied there would be no impact on the city’s credit rating or debt limits. Members also sought clarification about the applicant’s nonprofit status. Staff said applicants may be for‑profit or nonprofit and that the city’s fee schedule treats them differently.
Brett Anderson, who identified himself as Ebenezer’s CEO, spoke during the required public hearing and said Ebenezer is not a nonprofit and that the company is willing to be a property taxpayer in Oakdale. "State law dictates what is or are exempt from property taxes," Anderson said, adding thanks to the council for considering the financing.
The staff presentation also described the city’s conduit‑debt policy and disclosed an application fee of $3,000 and additional city fees estimated at up to about $217,000 (a 5.5% fee on the refunding portion and a 1% fee on the financing portion, as described by staff).
After public comment and council discussion, a council member moved to waive and adopt Resolution 2025‑100; the motion was seconded and the resolution was approved. The resolution authorizes the city to execute documents and take related actions to implement the conduit financing for the Ebenezer Obligated Group.
What happens next: staff indicated related documents will be finalized and that one additional consent item (Resolution 2025‑102) was added to the consent list to be uploaded after the meeting. No specific bond sale dates were announced at the meeting.
