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EXHIBIT A FORM OF NOTICE OF PUBLIC HEARING CITY OF ARDEN HILLS, MINNESOTA NOTICE OF A PUBLIC HEARING WITH RESPECT TO A PROGRAM FOR A MULTIFAMILY HOUSING DEVELOPMENT AND THE ISSUANCE OF REVENUE BONDS TO FINANCE THE MULTIFAMILY HOUSING DEVELOPMENT IN ACCORDANCE WITH THE PROVISIONS OF MINNESOTA STATUTES, CHAPTER 462C, AS AMENDED NOTICE IS HEREBY GIVEN that the City Council of the City of Arden Hills, Minnesota (the "City ") will hold a public hearing on Monday, July 25, 2011, on or after 7:00 p.m. at City Hall, 1245 Highway 96 West, Arden Hills, Minnesota 55112 -5743, to consider the adoption of a housing program for a multifamily housing development (the "Program ") and to grant preliminary approval for the issuance of revenue bonds of the City (the "Bonds ") under Minnesota Statutes, Chapter 462C, as amended (the "Housing Act "), to finance a loan to Presbyterian Homes of Arden Hills, Inc., a Minnesota nonprofit corporation (the "Company "), with respect to the following: (i) the construction and equipping of a senior housing facility comprising independent living units, assisted living units, and memory -care units (a combined total of approximately 200 dwelling units) to be located at 3120 and 3220 Lake Johanna Boulevard in the City (the "Project "); (ii) the funding of one or more reserve funds to secure the timely payment of the Bonds; (iii) the payment of a portion of the interest on the Bonds; and (iv) the payment of a portion of the costs of issuing the Bonds. The Project will be owned and operated by the Company. At the public hearing, the City Council will consider the adoption of a resolution approving the Program with respect to the Project and giving preliminary approval to the issuance of the Bonds to finance the costs of the Program and the Project. The aggregate face amount of the Bonds proposed to be issued to finance the Program and the Project is presently estimated not to exceed $34,000,000. The Bonds will be issued by the City and will constitute limited obligations of the City payable solely from the revenues expressly pledged to the payment thereof, and will not constitute general obligations of the City and will not be secured by any taxing powers of the City nor any assets or property of the City except the interests of the City in the Project that may be granted to the City in conjunction with this financing. The City may authorize certain other political subdivisions of the State of Minnesota to issue bonds to finance a portion of the Project. A copy of the Program has been submitted to the Metropolitan Council as required by the terms of the Housing Act and is on file in the offices of the City Administrator at 1245 Highway 96 West, Arden Hills, Minnesota, on and after the date of publication of this notice. Anyone desiring to be heard during this public hearing will be afforded an opportunity to do so. Written comments will be considered if submitted to the attention of the Administrator on or before the date of the public hearing. Dated: [Date of Publication] BY ORDER OF THE CITY OF ARDEN HILLS, MINNESOTA 3 88141 v2 JCU AR200 -12