09-09-2020 Council Packet - Laserfiche WebLink

Home Browse Search

B-1 EXHIBIT B NOTICE OF PUBLIC HEARING ON SENIOR LIVING DEVELOPMENTS AND THE ISSUANCE OF SENIOR LIVING REVENUE BONDS BY THE CITY OF DEEPHAVEN, MINNESOTA, AND ADOPTION OF A HOUSING PROGRAM RELATED THERETO UNDER MINNESOTA STATUTES, CHAPTER 462C, AS AMENDED NOTICE IS HEREBY GIVEN that a public hearing shall be conducted by the City Council of the City of Little Canada, Minnesota (the “City”) on a housing program (the “Program”) providing for the issuance of taxable and/or tax -exempt revenue bonds in an aggregate principal amount not to exceed $55,000,000 (the “Bonds”) at the request of State Housing Holdings of Minnesota, LLC, a Wyoming limited liablity company (the “Borrower”), the sole member of which is State Housing and Community Services Corporation, a California nonprofit public benefits corporatin, pursuant to Minnesota Statutes, Chapter 462C, as amended (the “Act”). The Bonds will not be issued by the City. The Bonds will be issued by the City of Deephaven, Minnesota (the “Issuer” or “Deephaven”) at the request of the Borrower. The proceeds of the Bonds will be loaned to the Borrower to provide financing for (i) the construction, acquisition and/or improvement of certain senior housing developments located in the City, and the Cities of Inver Grove Heights, North St. Paul, Roseville and Vadnais Heights, Minnesota (each individually, a “Development” and together, the “Developments”), (ii) certain capital expenditures and working capital costs related to the Developments, as necessary, (iii) the funding of one or more reserve funds to secure the timely payment of the Bonds, as necessary, and (iv) the payment of certain costs of issuing the Bonds, all pursuant to the Act. The Development in the City consists of an existing 32-unit senior housing facility located at 2740 Rice Street in the City. The hearing will be held at City Hall, 2400 Margaret Street in the City of Little Canada, on Wednesday, October 14, 2020 at 7:30 P.M. At said time and place the City Council shall give all parties who appear or submit written comments an opportunity to express their views with respect to the proposal. Copies of the Program are available at the offices of the City. The Borrower will be the initial owner and operator of the Developments. The Developments involve assistance for housing and the Bonds are issued for the benefit of an organization described in section 501(c)(3) of the Internal Revenue Code of 1986, as amended. Accordingly, the issuance of the Bonds is not a business subsidy, within the meaning of Minnesota Statutes, Sections 116J.993 to 116J.995, as amended. 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 prior to the meeting for a link to the meeting or call City Hall at (651) 766-4029 to learn how to attend the public hearing via telephone or electronically.