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AUG 21 '92 08:18 FREGRE & BENSON P.1 <br />CITY OF LITTLE CANADA <br />NOTICE OF PUBLIC HEARING ON <br />MUNICIPAL HOUSING PROGRAM, INCLUDING PROPOSED <br />CONSTRUCTION OF SENIOR HOUSING <br />PROJECT AND ISSUANCE BY THE CITY OF LITTLE CANADA <br />OF ITS HOUSING FACILITIES REVENUE BONDS THEREFOR <br />ON BEHALF OF THE PRESBYTERIAN HOMES OF MINNESOTA, INC. <br />NOTICE IS HEREBY GIVEN that the City Council of the <br />City of Little Canada will meet at 7:30 P.M. on Wednesday, <br />September 9, 1992 in the Council Chambers at the City Center, 515 <br />Little Canada Road, in the City of Little Canada, Minnesota (the <br />"City "), for the purpose of conducting a public hearing on a <br />proposed municipal housing program, including the proposed <br />construction of a senior housing facility in the City and the <br />issuance by the City of its Housing Facilities Revenue Bonds <br />therefor. <br />The facilities to be financed consist of a senior <br />housing facility to be located on the east side of Market Place <br />Drive, approximately 190 feet north of Little Canada Road, in the <br />City of Little Canada (the "Project "). The facility is to <br />consist of up to 95 units for rental to seniors. Upon <br />completion, the building is to contain not -to- exceed 100,000 <br />square feet. The proceeds of the proposed bond issue are to be <br />used to provide the original financing for the Project. <br />The maximum aggregate face amount of obligations to be <br />issued is $5,500,000. <br />The owner and operator of the facility is to be The <br />Presbyterian Homes of Minnesota, Inc., a Minnesota nonprofit <br />corporation (the "Corporation "). A loan agreement to be entered <br />into between the City and the Corporation will require payments <br />to be made by the Corporation at times and in amounts sufficient <br />to pay all principal of, premium, if any, and interest on the <br />bonds when due. <br />All persons with views on the issuance of the bonds, or <br />on the related housing program or project to be financed, may <br />express their views, orally or in writing, at such time and <br />place. <br />Dated: August 25, 1992. <br />MFF01357.WP5 <br />BY ORDER OF THE CITY COUNCIL <br />/s/ Joel R. Hanson <br />Administrator <br />Page 67 <br />