CCP 08-14-1995 - Laserfiche WebLink

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. .. - I . be provided for the bonds as determined by the original purchaser of the bonds, including a mortgage on the Facilities, and such other security as may be determined to be necessary or I desirable. The aggregate principal amount of the issue is expected to be not in excess of $2,250,000. It is anticipated that the1:imetable for the financing will be carried out on an I expedited basis and be concluded by not later than the end of the current calendar year. This Program is contemplated to be undertaken pursuant to Section 462C.05, subds. 4 and 7, of the Act and, therefore, it is contemplated that there shall be no specific limitation on the gross . income of the occupants. It is nevertheless the anticipation of the Corporation that residents of the financed rental housing facilities will consist primarily oflow and moderate income . persons. Program requirements as to the Facilities are to be monitored by the City or private parties, as will be provided in the applicable agreements to be entered into in connection with the issuance of the Bonds. . 3. Need for the Program. The Act and the City's Comprehensive Plan establish the need and necessity for the financing and refmancing of the Facilities included in I this Program. The Comprehensive Plan recognizes and is consistent with a goal of maintaining and improving the number of units of affordable housing and health care facilities for elderly persons and families in the City. The Comprehensive Plan also . emphasizes the promotion of middle income housing developments and multi-family developments. Finally, the City's housing goals should occur through private development, . . supported by government financing programs. By virtue of issuing the Bonds and providing financing and refinancing for the Facilities, the City will be assisting in the improvement of and the reduction of the overall costs of operating the Facilities. . 4. Description of Facilities. The Facilities which are to be the subject of the proposed financing consist of the existing 20S-bed nursing home and 178-unit elderly . assisted-living facilities, each located at 3220 Lake Johanna Boulevard in the City, containing approximately 108,000 square feet and 132,000 square feet, respectively (and . commonly known as the "McKnight Care Center" and "Lakeview Assisted Living," respectively), together with the existing senior independent living housing facilities located at 3120 Lake Johanna Boulevard in the City, and which contain 19 rentable units (and one . caretaker unit), comprising approximately 22,000 square feet in the aggregate (all of such facilities being referred to in the aggregate as the "Facilities"). The Facilities are currently owned by The Presbyterian Homes of Minnesota, Inc., a Minnesota nonprofit corporation, or I an affiliated nonprofit corporation (sometimes referred to herein in the alternative as the "Corporation"). It is anticipated that the proceeds of the Bonds may also be used, in part, to pay for certain costs of issuance of the Bonds. to the extent such costs are reasonable and arc . within an amount equal to 2.00% of the proceeds of the Bonds, and to fund any necessary reserves, including a debt service reserve fund, if required. Issuance costs in excess of I .. -2- .