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NOTICE OF PUBLIC HEARING ON A
<br />PROPOSAL FOR THE ISSUANCE OF HEALTH CARE FACILITY
<br />REVENUE NOTES
<br />(MARANATHA CARE CENTER PROJECT)
<br />Notice is hereby given that a public hearing shall be conducted by the City Council of the
<br />City of Little Canada, Minnesota (the "City"), in City Council chambers at the Little Canada City
<br />Hall, 515 Little Canada Road East, in the City, at 7:30 p.m. on Wednesday, May 28, 2014, to
<br />consider the proposal of Maranatha Conservative Baptist Houle, Inc., a Minnesota nonprofit
<br />corporation ("MCBH"), and Center Park Senior Apartments, Inc., a Minnesota nonprofit
<br />corporation ("CPSA" and, with MCBI-I, the "Borrower"), that the City issue revenue obligations,
<br />in one or more series, to finance a "Project", hereinafter described, pursuant to Minnesota
<br />Statutes, Sections 469.152 to 469.1655, as amended.
<br />'l'he "Project" consists of refinancing, in part, outstanding taxable debt of the Borrower,
<br />the proceeds of which were used for the acquisition, demolition, construction, and equipping of
<br />an approximately 83,960 square foot 97 bed skilled care center facility consisting of enhanced 13
<br />double rooms and 71 single rooms, of which 32 beds are allocated for transitional care (the "Care
<br />Center"), located at 5409 69th Avenue North in the City of Brooklyn Center, Minnesota
<br />("Brooklyn Center"), including the addition of community space, consisting of a community
<br />roan, activity room, food services, enlargement of therapy areas, and related amenities, with the
<br />construction of a new entrance to the Care Center, the expansion of parking facilities and
<br />construction of a "town center" connecting the Care Center to an existing assisted living facility
<br />located at 5415 69th Avenue North in Brooklyn Center (the "Town Center"), and the acquisition
<br />of an approximately 88,000 square foot 63 -unit assisted living facility consisting of 5 studio, 39
<br />one bedroom and 19 two bedroom units located at 5415 69th Avenue North in Brooklyn Center
<br />(the "Assisted Living Facility" and, with the Care Center and the Town Center, the "Project").
<br />The Project is owned by Borrower, the Care Center is operated by MCI3H, and the Assisted
<br />Living Facility is operated by CPSA.
<br />The maximum aggregate estimated principal amount of notes or other obligations to be
<br />issued by the City is $3,000,000.
<br />The obligations, as and when issued, will not constitute a charge, lien, or encumbrance
<br />upon any property of the City, except the Project and the revenues to be derived from the Project.
<br />Such notes or obligations will not be a charge against the City's general credit or taxing powers
<br />but are payable from sums to be paid by the Borrower pursuant to a revenue agreement.
<br />A draft copy of the proposed application to the Commissioner of the Department of
<br />Employment and Economic Development, State of Minnesota, for approval of the Project,
<br />together with all attachments and exhibits thereto, is available for public inspection during
<br />normal business hours, Monday through Friday, at the City Hall in the City.
<br />At the time and place fixed for the public hearing, the City Council of the City will give
<br />all persons who appear at the hearing an opportunity to express their views with respect to the
<br />proposal. Written comments will be considered if submitted at the above City office on or
<br />before the date of the hearing.
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