04-08-2020 Council Packet - Laserfiche WebLink

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12378325v2 A-1 EXHIBIT A NOTICE OF PUBLIC HEARING ON A PROPOSAL OF A HOUSING PROGRAM FOR, AND THE ISSUANCE OF, REVENUE BONDS FOR A SENIOR HOUSING AND HEALTH CARE PROJECT (LANGTON SHORES PROJECT) Notice is hereby given that the City Council of the City of Little Canada, Minnesota (the "City") will meet at the City Hall, 515 Little Canada Road E, in the City, at ______ p.m. on ____________, ____________, 2020 to consider the proposal of Presbyterian Homes Care Centers, Inc., a Minnesota nonprofit corporation (the "Borrower"), that the City adopt a housing program to finance, in part, a project hereinafter described pursuant to Minnesota Statutes, Chapter 462C, by the issuance of revenue bonds or other obligations (the "Bonds"). The proceeds of the Bonds will be used to (i) finance, in part, the acquisition, construction, and equipping of an approximately 83-unit independent living senior housing facility (the "2020 Project"); (ii) refinance the acquisition, construction, and equipping of a 50- unit replacement skilled nursing facility (the "2018 Project") located, with the 2020 Project, at 1910 County Road D, in the City of Roseville, Minnesota (collectively, the "Facility") by refunding and prepaying the City of Little Canada, Minnesota $11,970,000 Health Care Facilities Revenue Note (Langton Place Project) Series 2018 (the "Prior Note"); (iii) capitalized interest on the Bonds; (iv) fund required reserve funds; and (v) pay all or a portion of the costs of issuance (collectively, the "Project"). Remaining proceeds of the Prior Note may also be used for the 2020 Project. The Facility is and will be owned and operated by the Borrower. The aggregate estimated principal amount of the Bonds to finance and refinance the Project and related costs will be an amount not to exceed $50,000,000. Said Bonds, as and when issued, will not constitute a charge, lien, or encumbrance upon any property of the City except the Facility and the revenues to be derived from the Project. Such Bonds will not be a charge against the City's general credit or taxing powers but are payable from sums to be paid by the Borrower pursuant to a revenue agreement. A draft copy of the proposed housing finance program is available for inspection at City Hall during normal business hours. At the time and place fixed for the public hearing, the City Council of the City will give all persons who appear at the hearing an opportunity to express their views with respect to the proposal for the housing program and the Bonds. Written comments will be considered if submitted to the City Administrator at the above City office on or before the date of the hearing. [PLEASE NOTE: Due to COVID-19, the public hearing will be conducted via telephone or other electronic means as allowed under Minnesota Statutes, Section 13D.021. Please refer to the City of Little Canada's website at www.littlecanadamn.org or call City Hall at 651-766-4029 to learn how to attend the public hearing via telephone or electronically.] By: City Administrator