2009-011 - Laserfiche WebLink

Home Browse Search

EXHIBIT A NOTICE OF PUBLIC HEARING ON THE ISSUANCE OF REVENUE OBLIGATIONS TO FINANCE A PROJECT BY EAGLECREST SENIOR HOUSING, LLC Notice is hereby given that the City Council of the City of Arden Hills, Minnesota (the "City"), will meet in the City Council Chambers at the Arden Hills City Hall, in the City, at 7:00 p.m. on Monday, June 8, 2009, to consider giving host approval to the issuance by the City of Roseville, Minnesota (the "Issuer") of revenue bonds (the "Bonds"), in one or more series, under Minnesota Statutes, Sections 469.152 through 469.1651 and Minnesota Statutes, Chapter 462C (the "Acts"), in order to finance the cost of a project located in the City. The project consists of refinancing, on behalf of EagleCrest Senior Housing, LLC, a Minnesota limited liability company, the sole member of which is PHS/EagleCrest, Inc. a Minnesota nonprofit corporation, (the "Borrower"), (i) the Issuer's outstanding Senior Housing Refunding Revenue Bonds (EagleCrest Project), Series 2007 which were issued to refinance the acquisition, construction and equipping of a multifamily rental housing facility known as EagleCrest, consisting of 127 units of independent living apartments, 91 units of assisted living and 36 units for memory care located at 2925-45 Lincoln Drive North in the City of Roseville (the "Roseville Portion"); and (ii) outstanding taxable debt of the Borrower or its affiliate, Presbyterian Homes of Arden Hills, Inc. (the "Affiliate") used to finance improvements to the common areas, hallways and room conversions to the McKnight Care Center, located at 3220 Lake Johanna Boulevard in the City (the "Arden Hills Portion" and, together with the Roseville Portion, the "Project"). The maximum aggregate estimated principal amount ofthe Bonds or other obligations to be issued by the Issuer is $23,500,000. The Roseville Portion of the Project is owned and operated by the Borrower and the Arden Hills Portion of the Project is owned and operated by the Affiliate. The Bonds, as and when issued, will not constitute a charge, lien or encumbrance upon any property of the City, except the Project and the revenues to be derived from the Project and other financed facilities. Such Bonds will not be a charge against the general credit or taxing powers of the City, but are payable from sums to be paid by the Borrower pursuant to a revenue agreement. 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. Written comments will be considered if submitted at the above City office on or before the date of the hearing. Dated: May 11, 2009. 2343675v3