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CITY OF ROSEVILLE,
<br /> MINNESOTA
<br /> NOTICE OF PUBLIC HEARING
<br /> BY THE CITY OF ROSEVILLE,
<br /> MINNESOTA WITH RESPECT TO
<br /> THE ISSUANCE OF REVENUE
<br /> BONDS BY THE CITY OF
<br /> BLOOMINGTON FOR THE
<br /> BENEFIT OF ONE OR MORE
<br /> AFFILIATES OF PRESBYTERIAN
<br /> HOMES BLOOMINGTON CARE
<br /> CENTER, INC. PURSUANT TO
<br /> MINNESOTA STATUTES,
<br /> SECTIONS 469.152 THROUGH
<br /> 469.1651, AS AMENDED
<br /> NOTICE IS HEREBY GIVEN that
<br /> the City Council (the "Council of the
<br /> City of Roseville, Minnesota (the
<br /> "City will hold a public hearing on
<br /> Monday, November 15, 2010, at or
<br /> after 6:00 p.m. at the City Council
<br /> Chambers, 2660 Civic Center Drive
<br /> in the City for the purpose of
<br /> conducting a public hearing on a
<br /> proposal that it consent to the City of
<br /> Bloomington issuing its Senior
<br /> Housing Refunding Revenue Bonds
<br /> (Presbyterian Homes Gideon Pond
<br /> and Gardens Project), Series 2010
<br /> (the 'Bonds in one or more series.
<br /> The proceeds of the Bonds will be
<br /> loaned to Gideon Pond Commons,
<br /> LLC, a Minnesota nonprofit limited
<br /> liability company, the sole member of
<br /> which is Presbyterian Homes
<br /> Bloomington Care Center, Inc., or
<br /> another affiliate of Presbyterian
<br /> Homes Bloomington Care Center,
<br /> Inc. (the 'Borrower") and used to: (i)
<br /> refund a portion of the Health Care
<br /> and Housing Revenue Refunding
<br /> Bonds, Series 1999A, issued by the
<br /> City of Arden Hills, Minnesota on Inc. Project), Series 1997, issued by
<br /> September 30, 1999, in the original the City in the original aggregate
<br /> aggregate principal amount of principal amount of $8,525,000, the
<br /> $18,605,000, the proceeds of which proceeds of which were used to pay
<br /> were used to refinance The for renovations to a 143 -bed skilled
<br /> Gardens, also known as nursing facility located at 1910
<br /> Bloomington Commons, an 86 -unit County Road D in the City, and (B)
<br /> assisted living project located at make capital improvements to the
<br /> 10030 Newton Avenue South in 143 -bed skilled nursing facility; (iv)
<br /> Bloomington, Minnesota; (ii) refund fund a debt service reserve fund
<br /> the Health Care Facility Revenue equal to the maximum annual debt
<br /> Refunding Note (Presbyterian service on the Bonds; and (v) pay
<br /> Homes Bloomington Care Center, the costs of issuance related to the
<br /> Inc. Project), Series 2001A, issued Bonds. The projects to be refinanced
<br /> by the City of Arden Hills, Minnesota with the proceeds of the Bonds will
<br /> on December 13, 2001, in the be owned by Gideon Pond
<br /> original aggregate principal amount Commons, LLC, the sole member of
<br /> of $2,156,800 and the Health Care which is Presbyterian Homes
<br /> Facility Revenue Refunding Note Bloomington Care Center, Inc. or
<br /> (Presbyterian Homes Bloomington another affiliate of Presbyterian
<br /> Care Center, Inc. Project), Series Homes Bloomington Care Center,
<br /> 2001B, issued by the City of Arden Inc.
<br /> Hills, Minnesota on December 13, Following the public hearing, the
<br /> 2001, in the original aggregate City will consider a resolution
<br /> principal amount of $2,850,000, the providing consent to the City of
<br /> proceeds of which were used to Bloomington to issue the proposed
<br /> acquire certain cooperative senior Bonds in an original aggregate
<br /> housing units in the Gideon Pond principal amount not to exceed
<br /> Cooperative located at 9901 Penn $19,000,000, a portion of which will
<br /> Ave. South in Bloomington, refinance the facilities described
<br /> Minnesota, and the Bloomington above located in the City.
<br /> Care Center, an 80 -bed skilled The Bonds will be special, limited
<br /> nursing facility located at 401 W. obligations of the City of
<br /> 95th St. in Bloomington, Minnesota, Bloomington, and the Bonds and
<br /> and to refinance capital costs interest thereon will be payable
<br /> expended ,in conjunction with the solely from the revenues and assets
<br /> Bloomington Care Center and pledged to the payment thereof. No
<br /> McKnight Care Center, a 208 -bed holder of the Bonds will ever have
<br /> nursing home facility located at 3220 the right to compel any exercise of
<br /> Lake Johanna Boulevard in Arden the taxing powers of the City of
<br /> Hills, Minnesota; (iii) refund the Bloomington or the City of Roseville
<br /> Variable Rate Demand Health Care to pay the Bonds or the interest
<br /> Revenue Refunding Bonds thereon, nor to enforce payment
<br /> (Presbyterian Homes Care Centers, against any property of the City of
<br /> Inc. Project), Series 2002, issued by Bloomington or the City of Roseville.
<br /> the City on September 26, 2002, in Anyone desiring to be heard during
<br /> the original aggregate principal this public hearing will be afforded an
<br /> amount of $8,950,000, the proceeds opportunity to do so.
<br /> of which were used to (A) refund the Dated: October 26, 2010
<br /> outstanding principal balance of the CITY OF ROSEVILLE,
<br /> Housing and Health Care Facilities MINNESOTA
<br /> Revenue Refunding Bonds (Roseville Review: Oct. 26, 2010)
<br /> (Presbyterian Homes Care Centers,
<br />
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