05-13-2020 Council Packet - Laserfiche WebLink

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5 Series 2020 Bonds will be issued by the Issuer under the terms of the Indenture and the proceeds of the Series 2020 Bonds will be loaned to the Borrower under the terms of the Loan Agreement. The 2018 Project is an approximately 50,638 square-foot skilled nursing replacement facility for a skilled nursing facility owned by the Borrower. The Borrower has owned the land upon which the Project is being constructed since 1984. The most recent third-party appraisal for the land upon which the Project is and will be constructed, dated November 2, 2018, values the land at approximately $5,100,000. Such appraisal was done in connection with the issuance of the Prior Note and was not updated in connection with the issuance of the Series 2020 Bonds. Plan of Refinance. In connection with the construction of the 2018 Project, the Borrower obtained a construction loan in the amount of up to $11,790,000 from Associated Bank, N.A. which is evidenced by the Prior Note to finance the construction and equipping of the 2018 Project located on the campus of the Project in Roseville, Minnesota. The 2018 Project is a replacement skilled nursing facility and the first phase of the Project. The residents of the skilled nursing facility were transferred from the old facility to the 2018 Project in mid-February 2020. A portion of the proceeds of the Series 2020 Bonds will be used to current refund the Prior Note. The 2020 Project. The 2020 Project consists of an approximately 158,674 square-foot, 83-unit independent senior rental housing facility, an approximately 13,352 square-foot town center and an approximately 5,608 square-foot pool and locker room to be attached to the 2018 Project. The Project will be collectively known as “Langton Shores.” The town center portion of the 2020 Project will include amenities available to all residents of the Project and their guests. The 2020 Project will be constructed by AP Midwest, LLC, as the contractor, and Pope Architects, Inc. as architect. See “APPENDIX A – THE BORROWER, LANGTON SHORES AND THE LIMITED GUARANTOR – THE 2020 PROJECT” in this Official Statement. The 2018 Project is licensed as a skilled nursing facility; the 2020 Project is not subject to any licensing requirements other than those applicable generally to rental housing. The individual units in the 2020 Project range in size from ____ square feet for a one- bedroom/one bath to _____ square feet for a two-bedroom/two bath unit. [Each unit contains a washer and dryer, a kitchen including dishwasher and microwave, and a deck or patio.] Units in the 2018 Project include _________________. Each unit is equipped with a forced air heating and cooling system. The Project also includes _______ parking spaces. Construction of the 2020 Project is expected to begin in _______ 2020. The Project is and will be constructed with a [wood frame over concrete block foundation and concrete floor structure with steel siding and brick exterior]. The building is equipped with a sprinkler system throughout. See “APPENDIX A – THE BORROWER, LANGSTON SHORES, AND THE LIMITED GUARANTOR – THE 2020 PROJECT” in this Official Statement. The 2018 Project and the 2020 Project are connected by the town center. The Project will offer various amenities available to all residents, including 24-hour nursing and healthcare services in the 2018 Project, a town center, a salon, a chapel, a library, pharmacy services, therapy, and transportation services. As of _______, 2020, affiliates of the Limited Guarantor and the Borrower own and operate ___ independent living facilities (with ___ units) and ___ skilled nursing facilities (with __ licensed beds) in the market area for the Project shown in the Forecast. As of ________, 2020 there were ___ individuals