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2007_0507_packet
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Roseville City Council
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Council Agenda/Packets
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NOTICE OF PUBLIC HEARING <br />ON A MULTIFAMILY HOUSING PROJECT <br />Notice is hereby given that the City Council of the City of Roseville, Minnesota (the <br />"City"), will meet at the City Hall, 2660 Civic Center Drive, at 6:Oa p.m. on Monday, June 1 l, <br />2007, to consider issuance of revenue bonds (the "Bonds") by the City pursuant to Minnesota <br />Statutes, Chapter �62C. The Bonds will be issued to refund the City's Housing Facilities <br />Revenue Refunding Bonds, Series 1998 (College Properties, Inc. Project) (the "Series 1998 <br />Bonds") and pay costs of issuance. The proceeds of the Series 1998 Bonds were used to advance <br />refund the City's outstanding Housing Facilities Revenue Bonds, Series 1993 (College Properties, <br />Inc. Project) and to finance a portion of the acquisition and construction of a 36-unit multifamily <br />housing facility for occupancy by persons with Alzheimer's diagnosis (the "Project"). The <br />facility is located at 2925-45 Lincoln Drive North in the City. <br />The maximum aggregate estimated principal amount of the Bonds or other obligations to <br />be issued is $25,000,000. The project is owned by EagieCrest Senior Housing, LLC, a Minnesota <br />limited liability company, the sole member of which is PHSIEagleCrest, Inc., a Minnesota non- <br />profit corporation (the "Borrower"). <br />The Bonds, as and when issued, will not constitute a charge, lien or encumbrance upon <br />any property of the City except the Project and the revenues to be derived from the Project. The <br />Bonds will not be a charge against the City's general credit or taxing powers but are payable from <br />sums to be paid by the Borrower pursuant to a revenue agreement. <br />At the time and place fixed for the Public Hearing, the City Council will give all persons <br />who appear at the hearing an opportunity to express their views with respect to the proposal. In <br />addition, interested persons may file written comments respecting the proposal with the City, at <br />or prior to said public hearing. <br />��G�1 RfWv} <br />
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