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<br />NOTICE OF PUBLIC HEARING <br /> <br />ON A PROPOSAL FOR A COMMERCIAL <br /> <br />FACILITIES DEVELOPMENT PROJECT <br /> <br />Notice is hereby given that the City Council of the City of Elk River, Minnesota <br />(the "City"), will meet at the Council Chambers of City Hall, 13065 Orono Parkway in the City <br />at 6:30 p.m. on Tuesday, February 22, 2005, to consider the proposal of The Church of St. <br />Andrew, a Minnesota nonprofit religious corporation (the "Borrower"), that the City allow the <br />financing of the non-religious portions of the renovation and equipping of, and construction of <br />additions to, a school for kindergarten through 6th grade known as St. Andrew School, owned <br />and operated by the Borrower and located at 428 Irving Avenue in the City (the "Project") <br />through the issuance of revenue bonds, the proceeds of which will be loaned to the Borrower to <br />pay a portion of the costs of the Project and will be repaid by the Borrower. <br /> <br />The maximum aggregate estimated principal amount of bonds or other obligations <br />of the City to be issued to finance the Project is $1,500,000. <br /> <br />The bonds or other obligations if and when issued will not constitute a charge, <br />lien or encumbrance upon any property of the City and such bonds or obligations will not be a <br />charge against the City's general credit or taxing powers but will be payable from sums to be <br />paid by the Borrower pursuant to a revenue agreement. <br /> <br />A draft copy of the proposed application to the Commissioner of the Department <br />of Employment and Economic Development, State of Minnesota, for approval of the projects, <br />together with all attachments and exhibits thereto, is available for public inspection from 8:00 <br />a.m. to 4:30 p.m., Monday through Friday, at the City Hall in the City. <br /> <br />Comments concerning these applications maybe presented at the public hearing <br />or filed with the City Clerk until 4:30 p.m. on the day of the hearing. Each response will be <br />considered before any formal action is taken by the City Council. If there are questions <br />concerning these applications call the City Clerk at (763) 635-1000. <br /> <br />Joan Schmidt, City Clerk <br />Dated this 26th day of January, 2005. <br /> <br />S:IResolutionsl2005 ResolutionslUnapprovedlSt. Andrews Resolution PHDOC <br />