8.1. SR 09-06-2011 - Laserfiche WebLink

Home Browse Search

EXHIBIT A PUBLIC NOTICE NOTICE OF A PUBLIC HEARING TO BE CONDUCTED BY THE CITY OF ELK RIVER, MINNESOTA, TO CONSIDER THE ISSUANCE OF REVENUE BONDS BY THE CITY TO FINANCE THE ACQUISITION, CONSTRUCTION, AND EQUIPPING BY EVANS PARK, INC. OF AN ASSISTED LIVING FACILITY AND IMPROVEMENTS TO A SENIOR MULTIFAMILY RENTAL HOUSING DEVELOPMENT LOCATED IN THE CITY NOTICE IS HEREBY GNEN that the City Council (the "Council") of the City of Elk River, Minnesota (the "City"), will hold a public hearing on Monday, September 19, 2011, at or after 6:30 p.m. at City Hall, 13065 Orono Parkway, to consider a proposal that the City authorize the issuance of revenue bonds (the "Bonds"), by the City, in one or more series, under the Minnesota Statutes, Chapter 462C, as amended (the "Act"), in order to finance all or a portion of the following: (i) the acquisition, construction and equipping of an approximately 30-unit memory care addition and certain other capital improvements to the existing 60-unit assisted living facility located at 13439 185th Lane NW in the City (the "Project"); (ii) the funding of one or more reserve funds to secure the timely payment of the Bonds; (iii) the payment of interest on the Bonds during the construction of the Project; and (iv) the payment of the costs of issuing the Bonds. Evans Park, Inc., a Minnesota nonprofit corporation (the "Borrower"), will own and operate the Project. The estimated aggregate principal amount of the proposed Bonds will not exceed $3,800,000. Following the public hearing, the Council will consider a resolution approving a housing program prepared in accordance with the requirements of the Act, and granting approval to the issuance of the Bonds. A draft copy of the housing program is available for public inspection during normal business hours, Monday through Friday, at the City Hall in the City. The Bonds will be special, limited obligations of the City, and the Bonds and interest thereon will be payable solely from the revenues and assets pledged to the payment thereof. No holder of any Bond will ever have the right to compel any exercise of the taxing power of the City to pay the Bonds or the interest thereon, nor to enforce payment against any property of the City except money payable by the Borrower to the City and pledged to the payment of the Bonds. Before issuing the Bonds, the City will enter into an agreement with the Borrower, whereby the Borrower will be obligated to make payments at least sufficient at all times to pay the principal of and interest on the Bonds when due. Anyone desiring to be heard during this public hearing will be afforded an opportunity to do so. In addition, interested persons may file written comments respecting the proposal with the City Clerk at or prior to the public hearing. A-1 391273v1 JSB EL185-16