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12378640v2 <br /> <br /> A-2 <br /> <br />The 2018 Project consists of one contiguous three-story building with approximately <br />50,640 gross square feet. The transitional care/skilled nursing units include: <br /> <br /> <br />Room Type Number of <br />Beds <br />Average Sq. <br />Feet/Room <br />Daily Rates <br /> <br />Private – Medicare 32 360 $625 <br />Medicaid/3rd Party/HMO 18 360 $580 <br /> <br />The 2020 Project also includes a one and a half-story town center with a swimming pool, <br />totaling approximately 18,950 square feet, which will connect the 2018 Project and the 2020 <br />Project. <br />Operation of the Project. The Borrower will operate the Project in accordance with <br />applicable development restrictions, and all construction was and is subject to applicable state <br />and local building codes. The Project is and will be available for rental to the general public. <br />The Borrower is and will be required to operate the Project in accordance with state and local <br />anti-discrimination laws and ordinances. <br />Revenue Bonds. The Borrower has indicated that the amount of Bonds required to <br />finance and refinance the Project is not to exceed $50,000,000 and will mature in approximately <br />40 years. The proceeds will finance the construction of the 2020 Project, the current refunding <br />of the Prior Bonds, fund certain reserves, pay capitalized interest, and pay certain costs of issuing <br />the Bonds. <br />Allocation of Issuance Authority. Because the Borrower is a nonprofit entity and an <br />organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, <br />no allocation of authority to issue tax-exempt bonds is required pursuant to Minnesota Statutes, <br />Chapter 474A. The Bonds will be issued pursuant to Section 462C.07, Subd 1 of the Act and <br />shall be payable primarily from revenues of the Program. Issuance of the Bonds is anticipated to <br />occur in the summer of 2020. <br />Monitoring. The Borrower expects to enter into suitable agreements with necessary <br />parties to ensure consistent compliance with the objectives of this Program, as well as with the <br />requirements of applicable law. The City will enter into a joint powers agreement with the City