2. MIDA Bond-Essentia Health - Laserfiche WebLink

Member offered the following resolution and moved its adoption: RESOLUTION RELATING TO A PROJECT UNDER THE MUNICIP AL INDUSTRIAL DEVELOPMENT ACT, GIVING THE PROJECT PRELIMINARY APPROVAL SUBJECT TO A PUBLIC HEARING BE IT RESOLVED by the County Commissioners of Cass County, North Dakota (the "County"), as follows: Section 1. Policy and Purpose. 1.01. For the purpose of providing hospital, nursing home and other health care facilities and service, the County is authorized by Chapter 40-57, North Dakota Century Code, as amended (the "Act"), to enter into loan agreements with nonprofit corporations providing for the County to loan the proceeds derived from the issuance of revenue bonds to the nonprofit corporation to be used to pay the costs of a project as defined in Section 40-57-02 and providing for the repayment of the loan by the nonprofit corporation. The County is further authorized to issue its revenue bonds with respect to any hospital, nursing home or other health care facilities comprising a project, to finance the cost of retiring any existing indebtedness in connection with the project which the County Commissioners determine to be necessary or desirable and in furtherance of the public health or welfare. 1.02. Essentia Health, a Minnesota nonprofit corporation ("Essentia"), has requested that the County issue its revenue bonds, in one or more series (the "Bonds") for the benefit of In no vis Health, LLC, a Delaware limited liability company the sole member of which is The Duluth Clinic, whose sole member is Essentia, or a new nonprofit corporation the sole member of which is Essentia (the "Borrower"), in the aggregate principal amount not to exceed $125,000,000 under the provisions of the Act to (i) finance or refinance the acquisition of certain assets of Dakota Clinic, Ltd. and Dakota Specialty Institute d/bla Innovis (such entities together, "DC/I") in connection with the affiliation of the Borrower with DCII and (ii) finance costs of issuance of the Bonds and any debt service reserve fund deposit established therefor. The assets the acquisition of which is expected to be financed or refinanced by the issuance of the Bonds (collectively, the "Project") are described as the following: a) an approximately 201,260 square foot clinic and equipment located therein owned by DCII and located at 1702 South University Drive, Fargo, North Dakota, in the County; b) an approximately 338,300 square foot hospital building and equipment located therein owned by DCII and located at 3000 32nd Avenue South, Fargo, North Dakota, in the County (the "Hospital Building"); c) equipment located at clinics leased to DCII and located at 3902 13th Avenue South, 2710 North Broadway and in the Hospital Building, each in Fargo, North Dakota, in the County;