res_10497 - Laserfiche WebLink

Home

NOTICE OF PUBLIC HEARING ON A MUL TIF AMIL Y HOUSING PROJECT Notice is hereby given that the City Council of the City of Roseville, Minnesota (the "City"), will meet at the City Hall, 2660 Civic Center Drive, at 6:00 p.m. on Monday, June 11, 2007, to consider issuance of revenue bonds (the "Bonds") by the City pursuant to Mimlesota Statutes, Chapter 462C. The Bonds will be issued to refund the City's Housing Facilities Revenue Refunding Bonds, Series 1998 (College Properties, Inc. Project) (the "Series 1998 Bonds") and pay costs of issuance. The proceeds of the Series 1998 Bonds were used to advance refund the City's outstanding Housing Facilities Revenue Bonds, Series 1993 (College Properties, Inc. Project) and to finance a pOliion of the acquisition and construction of a 36-unit multifamily housing facility for occupancy by persons with Alzheimer's diagnosis (the "Project"). The facility is located at 2925-45 Lincoln Drive North in the City. The maximum aggregate estimated principal amount of the Bonds or other obligations to be issued is $25,000,000. The project is owned by EagleCrest Senior Housing, LLC, a Minnesota limited liability company, the sole member of which is PHS/EagleCrest, Inc., a Minnesota non- profit corporation (the "Borrower"). 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. The Bonds will not be a charge against the City's general credit or taxing powers 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 Conncil will give all persons who appear at the hearing an oppOliunity to express their views with respect to the proposal. In addition, interested persons may file written comments respecting the proposal with the City, at or prior to said public hearing. 2021884vl