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NOTICE OF PUBLIC HEARING
<br />ON A PROPOSAL FOR
<br />ISSUANCE OF REVENUE
<br />OBLIGATIONS TO FINANCE A
<br />PROJECT BY EAGLECREST
<br />SENIOR HOUSING, LLC
<br />Notice is hereby given that a public
<br />hearing shall be conducted by the City
<br />Council of the City of Roseville,
<br />Minnesota (the "City"), will meet in the
<br />City Council Chambers at the Roseville
<br />City Hall, in the City, at 6:00 P.M. on
<br />Monday, June 15, 2009, io consider the
<br />housing finance program of the City and
<br />the issuance of revenue bonds by the
<br />City, in one or more series, pursuant to
<br />Minnesota Statutes, Sections 469.152
<br />to 469.1651, as amended and
<br />Minnesota Statutes, Chapter 462C (the
<br />"Acts"), in order to finance the cost of a
<br />project located in the City.
<br />The project consists of (i) refinancing,
<br />on behalf of EagleCrest Senior Housing,
<br />LLC, a Minnesota limited liability
<br />company, the sole member of which is
<br />PHS/EagleCrest, Inc. a Minnesota
<br />nonprofit corporation, (the "Borrower"),
<br />the Issuer's outstanding Senior Housing
<br />Refunding Revenue Bonds (EagleCrest
<br />Project), Series 2007 which were issued
<br />to refinance the acquisRion, construction
<br />and equipping of a multifamily rental
<br />housing facility known as EagleCrest,
<br />consisting of 127 units of independent
<br />living apartments, 91 units of assisted
<br />living and 36 units for memory care
<br />located at 2925-45 Lincoln Drive North
<br />in the Gity (the "EagleCrest Facility"); (ii)
<br />financing capital improvements to the
<br />EagleCrest Facility (collectively, the
<br />"Roseville Portion"); and (iii) refinancing
<br />outstanding taxable debt of the
<br />Borrower or its affiliate, Presbyterian
<br />Homes of Arden Hills, Inc. (the
<br />"Affiliate") used to finance improvements
<br />to the common areas, hallways and
<br />room conversions to the McKnight Care
<br />Center, located at 3220 Lake Johanna
<br />Boulevard in 'the City of Arden Hills,
<br />Minnesota (the "Arden Hills Portion"
<br />and, together with the Roseville Portion,
<br />the "Project"). The City of Arden Hills is
<br />referred to in this notice as the "Host
<br />City'.
<br />The maximum aggregate estimated
<br />principal amount of the Bonds or other
<br />obligations to be issued by the Issuer
<br />pursuant to the housing finance
<br />program is $23,500,000. The Roseville
<br />Portion of the Project is owned and
<br />operated by the Borrower and the Arden
<br />Hills Portion of the Project is owned and
<br />operated by the Affiliate.
<br />The Bonds, as and when issued, will
<br />not constitute a charge, lien or
<br />encumbrance upon any property of the
<br />City or the Host City, except the Project
<br />and the revenues to be derived from the
<br />Project and other financed facilities.
<br />Such Bonds will not be a charge against
<br />the general credit or taxing powers of
<br />the City or the Host City, but are payable
<br />from sums to be paid by the Borrower
<br />pursuant to a revenue agreement.
<br />A draft copy of the proposed
<br />application to the Commissioner of the
<br />Department of Employment and
<br />Economic Development, State of
<br />Minnesota, for approval of the Project,
<br />together with all attachments and
<br />exhibits thereto, will be available for
<br />public inspection during normal
<br />business hours, Monday through Friday
<br />until the date of the Public Hearing, at
<br />the City Hall in the City.
<br />At the time and place fixed for the
<br />public hearing, the City will give all
<br />persons who appear at the hearing an
<br />opportunity to express their views wkh
<br />respect to the financing of the Project.
<br />In addition, interested persons may file
<br />written comments respecting the
<br />proposal with the City Manager at or
<br />prior to the public hearing.
<br />(Roseville Review: May 26, 2009)
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