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95 EXHIBIT A 96 NOTICE OF PUBLIC HEARING ON A PROPOSAL 97 FOR ISSUANCE OF REVENUE OBLIGATIONS 98 TO FINANCE A PROJECT BY 99 EAGLECREST SENIOR HOUSING, LLC 100 Notice is hereby given that a public hearing shall be conducted by the City Council of the City of 101 Roseville, Minnesota (the "City "), will meet in the City Council Chambers at the Roseville City Hall, in 102 the City, at 6:00 P.M. on Monday, June 15, 2009, to consider the housing finance program of the City 103 and the issuance of revenue bonds by the City, in one or more series, pursuant to Minnesota Statutes, 104 Sections 469.152 to 469.1651, as amended and Minnesota Statutes, Chapter 462C (the "Acts "), in order 105 to finance the cost of a project located in the City. 106 The project consists of refinancing, on behalf of EagleCrest Senior Housing, LLC, a Minnesota 107 limited liability company, the sole member of which is PHS /EagleCrest, Inc. a Minnesota nonprofit 108 corporation, (the "Borrower "), (i) the Issuer's outstanding Senior Housing Refunding Revenue Bonds 109 (EagleCrest Project), Series 2007 which were issued to refinance the acquisition, construction and 11 o equipping of a multifamily rental housing facility known as EagleCrest, consisting of 127 units of 111 independent living apartments, 91 units of assisted living and 36 units for memory care located at 2925- 112 45 Lincoln Drive North in the City (the "Roseville Portion "); and (ii) outstanding taxable debt of the 113 Borrower or its affiliate, Presbyterian Homes of Arden Hills, Inc. (the "Affiliate ") used to finance 114 improvements to the common areas, hallways and room conversions to the McKnight Care Center, 115 located at 3220 Lake Johanna Boulevard in the City of Arden Hills, Minnesota (the "Arden Hills 116 Portion" and together with the Roseville Portion, the "Project "). The City of Arden Hills is referred to 117 in this notice as the "Host City ". 118 The maximum aggregate estimated principal amount of the Bonds or other obligations to be issued by 119 the Issuer pursuant to the housing finance program is $23,500,000. The Roseville Portion of the Project 120 is owned and operated by the Borrower and the Arden Hills Portion of the Project is owned and 121 operated by the Affiliate. 122 Subsequent to approval of the housing finance program, the City may issue revenue bonds to finance 123 the housing finance program. The Bonds, as and when issued, will not constitute a charge, lien or 124 encumbrance upon any property of the City or the Host City, except the Project and the revenues to be 125 derived from the Project and other financed facilities. Such Bonds will not be a charge against the 126 general credit or taxing powers of the City or the Host City, but are payable from sums to be paid by the 127 Borrower pursuant to a revenue agreement. 128 A draft copy of the proposed application to the Commissioner of the Department of Employment and 129 Economic Development, State of Minnesota, for approval of the Project, together with all attachments 13o and exhibits thereto, together with a copy of the housing program, will be available for public 131 inspection during normal business hours, Monday through Friday until the date of the Public Hearing, 132 at the City Hall in the City. Page 6 of 7