2008.08.18 RESO 2008-0039 - Laserfiche WebLink

Home

NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR A HOUSING FINANCE PROGRAM AND THE ISSUANCE OF REVENUE NOTES TO FINANCE A SENIOR HOUSING DEVELOPMENT (WALKER FOREST BAY LODGE PROJECT) Notice is hereby given that the City Council of the City of Hugo, Minnesota (the "City") will meet at the City Hall at 14669 Fitzgerald Avenue North, in the City at 7:00 p.m. on Monday, September 15, 2008 to consider the proposal of Walker Forest Bay Lodge, LLC, (the "Borrower") the sole member of which is Walker Methodist, a Minnesota nonprofit corporation that the City undertake a housing finance program to finance the Project hereinafter described, pursuant to Minnesota Statutes, Chapter 462C, by the issuance of revenue obligations. The "Project" consists of the acquisition, construction and equipping of a senior housing and health care development consisting of approximately 110 independent living units, 31 assisted living units, 15 personal care suites, 20 memory care units and 30 licensed skilled nursing beds together with approximately 30,000 square feet of common space, to be located east of Interstate 35E near Highway 61 and 202nd Street in the Headwaters of Forest Lake Planned Urban Development in the City of Forest Lake, Minnesota. The Project will be owned by the Borrower and managed and operated by Walker Senior Services, Inc. It is proposed that the Washington County Housing and Redevelopment Authority (the "Washington County HRA"), the Forest Lake Economic Development Authority (the "Forest Lake EDA"), and the Forest Lake Housing and Redevelopment Authority (the "Forest Lake HRA") and the City would each issue a portion of the financing for the Project. The maximum aggregate estimated principal amount of notes or other obligations of the City, the Forest Lake EDA, the Forest Lake HRA and the Washington County HRA to be issued in one or more series to finance the Project pursuant to the housing finance program is approximately $35,500,000. The maximum estimated principal amount of the notes to be issued by the City to finance the Project is approximately $10,000,000. The Notes if and when issued will not constitute a charge, lien or encumbrance upon any property of the City except the Project and the revenues generated by it and such obligations will not be a charge against the general credit or taxing powers of the City but will be payable from sums to be paid by the Borrower pursuant to a revenue agreement. A copy of the housing program will be on file with the City Administrator at the City Hall Monday through Friday until the date of the Public Hearing. 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 proposal. In addition, interested persons may file written comments respecting the proposal with the City Administrator at or prior to such public hearing. [Publish , 20081 2201825v1 By /s/ Michael Ericson City Administrator