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Council approves bond resolution enabling up to $10 million for New Perspective facility sale
Summary
The council approved Resolution No. 2026-21 authorizing the Public Finance Authority to issue bonds on behalf of Citadel Housing I, Inc. for acquisition of the New Perspective Mahtomedi facility; bond counsel said the portion for Mahtomedi should not exceed $10,000,000.
City Administrator Scott Neilson summarized the municipal role: the governmental unit where a financed facility is located must approve issuance by the Public Finance Authority. Bond counsel Madeline Simon explained the proposed buyer, Citadel Housing I, Inc., requested Senior Living Revenue Bonds to finance acquisition of the New Perspective facility and stated that "the portion of the bonds allocated to the New Perspective Mahtomedi project should not exceed $10,000,000." Adam Cozine of New Perspective said the buyer has no current plans to apply for property tax exemption; bond counsel added Citadel would be willing to enter a PILOT agreement should exemption be sought in the future.
Mayor Brainerd opened the public hearing and, hearing no public comment, the council voted unanimously to approve Resolution No. 2026-21 authorizing the bond issuance on behalf of Citadel Housing I, Inc.
