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