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NOTICE OF PUBLIC HEARING ON A PROPOSED HOUSING PROGRAM AND PROJECT AND THE ISSUANCE OF REVENUE BONDS BY CITY OF ELK RIVER, MllqNESOTA NOTICE IS HEREBY GIVEN that a public hearing shall be conducted by the City Council of the City of Elk River (the "City") on a proposal by Amherst H. Wilder Foundation, Guardian Angels Health Services, Inc. and Evans Park, Inc., each of which is a Minnesota nonprofit corporation (collectively, the "Borrowers") that the City, or one of the Participating Jurisdictions described below, acting pursuant to a joint powers agreement (the "Joint Powers Agreement") with the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota and the Washington County Housing and Redevelopment Authority (collectively with the City the "Participating Jurisdictions"), issue revenue bonds pursuant to Minnesota Statutes, Sections 469.152 to 469.1651, and Minnesota Statutes, Chapter 462C, as amended. Under the proposal, the other Participating Jurisdictions xvill enter into a joint powers agreement with the City (the "Joint Powers Agreement"), pursuant to which the City, or one of the other Participating Jurisdictions selected by the City and the other Participating Jurisdictions, will issue its revenue bonds (the "Bonds") in one or more series, a portion of the proceeds of'~vhi~h (the "Evans Park Portion") would'~h'loaned to Evans Park, Inc., a Minnesota nonprofit corporation, to pay costs of financing and refinancing the Evans Park Projects described below. Proceeds of the Bonds not constituting a part of the Evans Park Portion would be applied to pay or refinance costs of acquiring, constructing, equipping and furnishing certain facilities of the other Borrowers located in the City or one or more of the other Participating Jurisdictions. The proposed Evans Park Projects are located within Elk River, Minnesota and consist of the following: 1. The refinancing of existing mortgage indebtedness issued with respect to the acquisition, construction, equipping and furnishing of a 36-unit elderly housing facility owned by Evans Park, Inc. and located at 300 Evans Avenue, Elk River, Minnesota (the "Mortgage Indebtedness Refinancing"), together with the rehabilitation of the facility; and 2. The financing of costs of acquisition, construction, equipping and furnishing of an approximately 60-unit assisted living facility to be located at Joplin Street and U.S. Highway 10, in Elk River, Minnesota and to be owned by Evans Park, Inc.(the "1998 Project"). The aggregate face amount of the Bonds will not exceed $15,000,000, with-not more than $9,000,000 thereof constituting the Evans Park Portion. D-1