1. MIDA bond-Essentia Health - Laserfiche WebLink

CASS COUNTY, NORTH DAKOTA RESOLUTION RELATING TO A PROJECT UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, GIVING THE PROJECT PRELIMINARY APPROVAL SUBJECT TO A PUBLIC HEARING BE IT RESOLVED by the County Commissioners (the "Commissioners") of Cass County,North Dakota (the "County"), as follows: Section 1. Policy and Purpose. 1.01. General. A. The Commissioners have been informed that for the purpose of providing hospital, nursing home and other health care facilities and services, the County is authorized by Chapter 40-57, North Dakota Century Code, as amended (the "Act"), to enter into a loan agreement with a contracting party providing for a loan to the contracting party by the County of the proceeds derived from the issuance of revenue bonds, which loan must be used to pay the costs of a project defined in Section 40-57-02 of the Act and further providing for the repayment of the loan by the contracting party. B. The Commissioners have been further informed that the County is authorized to issue its revenue bonds with respect to a revenue-producing enterprise engaged or to be engaged in providing hospital, nursing home or other health care facilities. 1.02. The Borrower and the Project. A. Essentia Health, a Minnesota nonprofit corporation (the "Borrower"), has requested that the County issue its revenue bonds or notes, whether taxable or tax exempt, in one or more series (the "Bonds") for the benefit of Innovis Health, LLC, a Delaware limited liability company ("Innovis") the sole member of which is the Borrower, in the aggregate principal amount not to exceed $50,000,000 under the provisions of the Act to finance (i) constructing and equipping a 125,000 square foot expansion to the in-patient hospital facilities owned by Innovis located at 3000 — 32nd Avenue South, Fargo, North Dakota, and related remodeling, in order to provide improved and enhanced diagnostic, treatment, registration and dietary services (the "Project") and (ii) costs of issuance of the Bonds. B. The County is advised by representatives of the Borrower that with the aid of municipal financing authorized by the Act, and the resulting lower borrowing cost, the Project would be significantly more feasible. 1.03. The Minnesota Bonds. The Bonds are expected to be issued in conjunction with obligations to be issued by the Minnesota Agricultural and Economic Development Board (the "Minnesota Bonds") to finance facilities of other affiliates of the Borrower located in Minnesota. The aggregate of the Minnesota Bonds and the Bonds is not expected to exceed $80,000,000.