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• NOTICE OF PUBLIC HEARING ONA HOUSING PROGRAMAND THE ISSUANCE OF MULTIFAMILYHOUSING REVENUE BONDS TO FINANCE A HOUSING PROGRAM UNDER MINNESOTA STATUTES, CHAPTER 462C NOTICE IS HEREBY GIVEN that the City of Falcon Heights, Minnesota (the "City"), will hold a public hearing at 7:00 p.m. on June 8, 2005, at the City Hall at 2077 Larpenteur Avenue West, Falcon Heights, Minnesota, to consider a housing program for the issuance of revenue bonds under Minnesota Statutes, Chapter 462C, as amended, to finance a multifamily housing development in the City of Hutchinson (the "Program") pursuant to a Joint Powers Agreement between the two cities. At the public hearing, the City will consider adoption of a resolution approving the Program. The aggregate face amount of revenue bonds proposed to be issued to finance the Program is presently estimated not to exceed $5,500,000. The project proposed to be financed under the Program consists of providing for the design, construction, and equipping of a 50-unit independent senior housing facility located at 1015 Century Avenue SW, in the City of Hutchinson, Minnesota, known as The Pines of Hutchinson Project (the "Project"). The Project will be owned by the Pines of Hutchinson, LLC, a Minnesota limited liability company (the "Owner"), of which Maplewood Senior Housing, Inc. is the sole member, and operated • by Ecumen Services Inc., awholly-owned management company of Ecumen, a Minnesota nonprofit corporation or an affiliated entity, as a multifamily housing development for rental primarily to elderly or handicapped persons, or as a combination of a multifamily housing development and a health care facility. The Bonds if and when issued will not constitute a charge, lien or encumbrance upon any property of the City except the Project and such obligations will not be a charge against the general credit or taxing powers of the City but will be payable from sums to be paid by the Borrower pursuant to a revenue agreement. A draft copy of the proposed housing program is available for public inspection beginning during normal business hours, Monday through Friday, in the office of the City Administrator, in the City Hall. At the time and place fixed for the Public Hearing, the City Council will give all persons who appear at the hearing an opportunity to express their views with respect to the proposal. Written comments will be considered if submitted at the above City office on or before the date of the hearing. Dated: May 19, 2005 BY ORDER OF THE CITY COUNCIL By:/s/ Heather Worthington City Administrator • ~a