09-28-11 Council Agenda - Laserfiche WebLink

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FORM OF NOTICE OF PUBLIC HEARING CITY OF LITTLE CANADA, MINNESOTA NOTICE OF A PUBLIC HEARING WITH RESPECT TO A PROGRAM FOR A MULTIFAMILY HOUSING DEVELOPMENT AND THE ISSUANCE OF REVENUE BONDS TO FINANCE THE MULTIFAMILY HOUSING DEVELOPMENT IN ACCORDANCE WITH THE PROVISIONS OF MINNESOTA STATUTES, CHAPTER 462C, AS AMENDED NOTICE IS HEREBY GIVEN that the City Council of the City of Little Canada, Minnesota (the "City ") will hold a public hearing on Wednesday, September 28, 2011, on or after 7:30 p.m. at City Hall, 515 Little Canada Road E, Little Canada, Minnesota 55117 -1633, to consider the adoption of a housing program for a multifamily housing development (the "Program ") and to grant approval for the issuance of revenue bonds of the City (the "Bonds ") under Minnesota Statutes, Chapter 462C, as amended (the "Housing Act "), to finance a loan to Presbyterian Homes of Arden Hills, Inc., a Minnesota nonprofit corporation (the "Company "), with respect to the following: (i) the construction and equipping of a senior housing facility comprising independent living units, assisted living units, and memory-care units (a combined total of' 166 dwelling units) to he located at 3120 and 3220 Lake Johanna Boulevard in the City of Arden Hills, Minnesota ( "Arden Hills ") (the "Project "); (ii) the funding of one or more reserve funds to secure the timely payment of the Bonds; (iii) the payment of a portion of the interest on the Bonds; and (iv) the payment of a portion of the costs of' issuing the Bonds. The Project will be owned and operated by the Company. At the public hearing, the City Council will consider the adoption of a resolution approving the Program with respect to the Project and giving approval to the issuance of the Bonds to finance the costs of the Program and the Project. The aggregate face amount of the Bonds proposed to be issued to finance the Program and the Project is presently estimated not to exceed $32,000,000, of which the City will issue approximately $12,000,000 and Arden Hills will issue approximately $20,000,000. Arden Hills has authorized the City to issue bonds to finance a portion of the Project. The Bonds will he issued by the City and will constitute limited obligations of the City payable solely from the revenues expressly pledged to the payment thereof, and will not constitute general obligations of the City and will not be secured by any taxing powers of the City nor any assets or property of the City except the interests of the City in the Project that may be granted to the City in conjunction with this financing. A copy of the Program has been submitted to the Metropolitan Council as required by the terms of the Housing Act and is on file in the offices of the City Administrator at 515 Little Canada Road E, Little Canada, Minnesota, on and after the date of publication of this notice. Anyone desiring to be heard during this public hearing will be afforded an opportunity to do so. Written continents will be considered if submitted to the attention of the Administrator of or before the date of the public hearing. Dated: September 13, 2011 4231635v1 BY ORDER OF THE CITY OF LITTLE CANADA, MINNESOTA 2