7E, Presbyterian Homes Conduit Debt - Call for PH and Authorize Publication of Hearing

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EXiiIBIT A �ORM OF NOTYCE OF PUBLIC I�EA1tING CITY OF ARDEN HILLS, MINNESOTA NOTICE �F 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 �62C, AS AMENDED NOTICE IS HEREBY GIVEN that the City Council of the City of Arden HilIs, Minnesota {the "City"} will hoid a public hearing on Monday, July 25, 20E 1, on or after 7:00 p.m. at City Hall, i245 Highway 96 West, Arden Hills, Minnesota 55112-5743, #o consider t�e adoption of a housing program for a multifatnily housing develap:ment (the "Progrann") and to grant preliminary approval for the issuance of revenue bonds of the City {the `Bonds"} under Minneso#a Statutes, Chapter 462C, as amended {the "Housi�g Act"), to �nance a loan to Presbyteriar� Honaes of Arden Hills, Jx�c., a Minnesota nonproiit corporation (the "Company"), with respect to the following: (i} the constrt�ction and equipping of a senior housing facility comprising i�adeper�de�t living units, assisted living units, and memory-care units {a combined totaI of approximately 20Q dwelling units) to be Iocated 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 pay�nnent of a portion of tk�e interest on the Bonds; ax�d (iv} the payment of a portion of the costs of issuing the Bonds. The Project will be owned and operated by the Coz�npany. At the public hearing, the City Cauncil will consid�r tha adoption of a resolution approving the Program wi#h 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 �nance the Prograrn aaad the Project is presently estimated not to exceed $34,000,000. The Bonds w�ll be issued by the City and will constitute limited obligations of the City payable soleIy from the reverzues expressIy pledged to the payment thereof, and will not constituta genera� 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 ta th� City in conjunction with this fina�tcing. 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 HilIs, Minnesota, on and after the date of publication of t�is notice. Anyone desiring to be heard during this public hearing will be afforded an oppor[unity to cio so. Written comments will be considered if submitted to the attention of the Administrator on ar before the date of the public hearing. Dated: [Date of Publication] BY ORDER OF THE CITY O� ARDEN HILLS, MiNNESOTA 388141v2 JCU AR200-[2