03-14-2012 Council Agenda - Laserfiche WebLink

Home Browse Search

NOTICE OF PUBLIC HEARING ON THE ISSUANCE OF COMMUNITY SERVICES REV1NUF BONDS (SOUTH METRO HUMAN SERVICES PROJECT) TO WHOM ff MAY CONCERN: Notice is hereby given that the City Council of the City of Little Canada, Minnesota (the "City "), will meet in the City Council Chambers at the City Hall, 515 Little Canada Road East, Little Canada, Minnesota, at 7:30 p.m. on Wednesday, March 14, 2012, to consider giving approval to the issuance of revenue bonds by the City pursuant to Minnesota Statutes, Chapter 469.152 - .1651 to refinance the facilities described below which are owned by South Metro Human Services, a Minnesota nonprofit corporation (the "Borrower ") and to finance the acquisition and renovation by the Borrower of 1111 Viking Drive in Maplewood, Minnesota to create a residential and therapeutic treatment facility with 16 units of transitional housing and 2,500 square feet of meeting and office space. The Borrower's facilities to be refinanced are the following transitional housing and community service facilities: 1100 — 161st Ln Andover 8786 Austin Blaine 12471 Larch Coon Rapids 370 Ware Lino Lakes 3066 Arcade Little Canada 1276 Mayhill Maplewood 2088 Bradley Maplewood 2080 Ilighwood Maplewood 2370 Kressin Mendota Heights 2305 — 14th Ave North St, Paul 2438 Homestead Oakdale 5934 Alameda Shoreview 425 — 18th Ave South St, Paul 1435 Grand Ave St. Paul 1714 Nebraska St. Paul 1880 Wilson St. Paul The maximum aggregate estimated principal amount of bonds or other obligations to be issued to refinance the above facilities and finance the new facility in Maplewood (collectively, the "Project ") is $4,900,000. The Borrower is the owner and operator of the Project. The bonds or other obligations, as and when issued, will not constitute a charge, lien or encumbrance upon any property of the City, except the revenues derived from the Project. Such bonds or obligations will not be a charge against the general credit or taxing powers of the City, but are payable from sums to be paid by the Borrower pursuant to a revenue agreement. 44s7s41v1 2