12-17-2007 - Laserfiche WebLink

Commission Minutes-December 17, 2007 3302 Personnel Overview Committee Emplovee members Carrie Smith Tom Soucy Toni Hill FCCEDC Growth Initiative Fund Mary Johnson, Fargo Farqo Cass Board of Health-Rural Representative Diane Moderow, Casselton 7. RESOLUTION #2007-24, MIDA Bond Application for Essentia Health Proiect Attorney James Stewart was present for the MIDA Bond hearing on the application of Essentia Health for an amount not to exceed $145,000,000 for the purpose of financing and refinancing acquisition of assets by Dakota Clinic, Ltd. And Dakota Specialty Institute d/b/a Innovis ("DC/I") by Innovis Health, LLC, including facilities in Fargo, Casselton, Jamestown, Valley City, Hankinson, Medina, Lisbon and Wahpeton, North Dakota. He proposes the county and cities enter into joint powers agreements related to the issuance of the bonds and each city will hold a public hearing to approve the agreements and bond issuance. Dr. Timothy Mahoney and Dennis Fuhrman, Chief Financial Officer of Innovis, were also present. Mr. Bennett asked about the loss of tax revenue as a result of Innovis becoming a non-profit organization. Mr. Fuhrman said the Dakota Clinic property will remain on the tax rolls and approximately $1.4 million will be taken off the tax rolls for Innovis Hospital. Dr. Mahoney said as a non-profit organization, they will be able to expand and provide additional services and create more jobs in the process. County Auditor Michael Montplaisir said the county has a $10 million limit on bank qualified bonds issued annually. Mr. Stewart said if this request is approved the county would not be able to designate any more bonds as bank qualified for 2008. Mr. Stewart also said there is no limit on the number of bonds the county may issue each year. Mr. Montplaisir said the county will not issue any bonds in 2008 for a courthouse addition, but the water resource district may have $2 million and if not bank qualified, may possibly have to pay a higher interest rate. State's Attorney Birch Burdick asked if the bond issuance involves new buildings. Mr. Stewart said the $145 million is to payoff existing facilities and equipment. Mr. Vanyo asked why the initial bond issuance of $125 million was increased. Mr. Fuhrman said the scope of the project and amount of assets changed after a review. Mr. Wagner asked about county liability. Mr. Stewart said the county has no liability on re- payment of the bonds and this will not affect the county's credit rating. Mr. Stewart and Mr. Burdick will work together to draft the joint powers agreements with the cities.