NOTICE OF PUBLIC HEARING
ON A PROPOSAL FOR THE ISSUANCE
OF REVENUE BONDS TO FINANCE
A SENIOR HOUSING PROJECT
(COUNTRY MANOR CAMPUS LLC PROJECT)
Notice is hereby given the City Council of the City of Sartell, Minn. (the “City”), will meet in the City Council Chambers at the Sartell City Hall, in the City of Sartell, Minn., at 7 p.m. Monday, May 13, 2013, to consider the proposal of Country Manor Campus, LLC (the “Borrower”), the sole member of which is The Foundation for Health Care Continuums that the City finance the Project hereinafter described, pursuant to Minnesota Statutes, Chapter 462C and Sections 469.152 to 469.1655, as amended, by the issuance of revenue obligations.
The Project consists of financing the (i) design, acquisition, construction and equipping of a 45-unit project providing senior housing with services, including common areas and a resident dining facility, to be located at 520 First St. NE in the City, and (ii) certain renovations and replacement equipment at the Borrower’s existing nursing home, independent senior apartments and senior apartments with services all located on the Country Manor Campus. The Project will be owned and operated by the Borrower.
The maximum aggregate estimated principal amount of bonds or other obligations to be issued to finance the Project will be $13,500,000.
Said bonds or other obligations, as and when issued, will not constitute a charge, lien or encumbrance upon any property of the City, or its housing and redevelopment authority, except the Project and the revenues to be derived from the Project. Such bonds or obligations 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 Council of the City will give all persons who appear at the hearing an opportunity to express their views with respect to the proposal for revenue bonds. Written comments will be considered if submitted at the above City office on or before the date of the hearing.
Publish: April 26, 2013
