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04-14-2021 Council Packet
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04-14-2021 Council Packet
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13152933v3 <br /> <br /> A-1 <br /> <br />EXHIBIT A <br />CITY OF HAMPTON, MINNESOTA <br />CITY OF LANDFALL VILLAGE, MINNESOTA <br />CITY OF FALCON HEIGHTS, MINNESOTA <br />CITY OF LITTLE CANADA, MINNESOTA <br />HOUSING FINANCE PROGRAM <br />NEW HARMONY PROJECT <br /> <br />This housing finance program is undertaken by the City of Hampton, Minnesota, the City <br />of Landfall Village, Minnesota, the City of Falcon Heights, Minnesota, and the City of Little <br />Canada, Minnesota, with or without the assistance of another Minnesota municipality and <br />pursuant to a joint powers agreement (collectively, the “Cities”), for a Project, hereinafter <br />described, to be located within the City of Maplewood, Minnesota (the “Host City”). The <br />Project will be financed, in part, by the issuance of one or more series of revenue notes or other <br />obligations (the “Notes”) and one or more series of subordinate bonds or other obligations (the <br />“Bonds” and, together with the Notes, the “Obligations”) pursuant to Minnesota Statutes, <br />Chapter 462C, as amended (the “Act”), by the Cities and in accordance with separate loan <br />agreements (the “Loan Agreements”) between each of the Cities and New Harmony Care Center, <br />Inc. (the "Borrower"), a Minnesota nonprofit corporation and an organization described in <br />Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”), the sole <br />member of which is Elim Care, Inc., a Minnesota nonprofit corporation and an organization <br />described in Section 501(c)(3) of the Code, the sole member of which is Cassia, a Minnesota <br />nonprofit corporation and an organization described in Section 501(c)(3) of the Code. <br />The project will consist of (i) financing the acquisition, construction, and equipping of a <br />new senior healthcare and housing facility, including approximately 48 skilled nursing beds, <br />16 transitional skilled nursing beds, 35 independent apartment units, 36 assisted living apartment <br />units, 14 memory care apartment units, and 12 care suite apartment units, to be located at 1534 <br />County Road C East (the “New Harmony Facilities”) in the Host City, (ii) funding any required <br />reserve funds, and (iii) paying all or a portion of the costs of issuance (collectively, the <br />“Project”). The New Harmony Facilities are and will be owned and operated by the Borrower. <br />The New Harmony Facilities were designed and are intended for residency solely by <br />elderly and disabled persons, and consequently, no income limits apply under the Act or other <br />state law. The New Harmony Facilities consist of the following beds and units: <br />Skilled Nursing: <br /> Number of Beds Square Footage Estimated Rents/Fees <br /> 48 381–690 ft Varies based on each <br />resident’s acuity <br /> <br /> Number of Beds Square Footage Estimated Rents/Fees <br /> 16 381–621 ft Varies based on each <br />resident’s acuity
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