06-22-1999 Council Agenda - Laserfiche WebLink

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NOTICE OF PUBLIC HEARING ON THE ISSTJANCE OF REVENUE BONDS TO FINANCE A HEALTH CARE FACILITY (PRESBYTERIAN HOMES HOUSING AND ASSISTED LIVING, INC. PROJECT) TO WHOM IT MAY CONCERN: Notice is hereby given that the City Council ofthe City of Little Canada, Minnesota (the "City "), will meet in the City Council Chambers atthe Little Canada City Hall, m the Ci ,innesota, at 7:00 p.m. on Tuesday, June 22, 1999, to consider giving host approval to the issuance ofrevenue obligations by the City of Arden. Hiiis, Minnesota (the "Issuer ") pursuant to Minnesota Statutes, Sections 469.152 to 469.1651 to finance a project hereinafter described to be undertaken by Presbyterian Homes Housing and Assisted Living, Inc., a 501(c)(3) organization (the "Developer "). Description of the Project: The project consists of refunding outstanding City of Little Canada, Minnesota Housing Facilities Revenue Bonds (The Presbyterian Homes ofMinnesota, Inc. Project), Series 1992 issued to finance the 93 rental unit independent living facility designed for elderly persons known as The Mayfield located at 2850 Market Place Drive in the City and refunding outstanding City of Little Canada, Minnesota Health Care Facilities Revenue Bonds (The Presbyterian Homes of Minnesota, Inc. Project), Series 1992, issued to finance the 86 rental unit assisted living facility designed for elderly persons known as the Gardens of Gideon Pond located at 10030 Newton Avenue South in the City of Bloomington, Minnesota. The maximum aggregate estimated principal amount Of bonds or other obligations to be issued to finance the Project will be $12,000,000. The Developer will be the initial 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 or the Issuer, except the Project and the revenues to be derived from the Project Such bonds or obligations will not be a charge against the general credit or taxing powers ofthe City or the Issuer, but are payable from sums to be paid by the Developer pursuant to a revenue agreement At the time and place fixed for the public hearing, the City Council of the City will give all persons who appear at the hearing an opportunity to express their views with respect to the financing of the Project. Written comments will be considered if submitted at the above City office on or before the date of the hearing. Further information concerning the Project may be obtained .froth the City Administrator during normal business hours. PAGE 182