City of Red Wing Deer Crest ProjectNOTICE OF PUBLIC HEARING ON A
NOTICE OF PUBLIC HEARING ON A
PROPOSAL FOR THE ISSUANCE OF REVENUE BONDS TO
REFINANCE A SENIOR HOUSING PROJECT
(DEER CREST PROJECT)
TO WHOM IT MAY CONCERN:
Notice is hereby given that the City Council of the City of Red Wing, Minnesota (the “City”), will meet in the City Council Chambers at the Red Wing City Hall, in the City of Red Wing, Minnesota, at 7:00 p.m. on October 8, 2012, to consider the proposal of Fairview Woods, LLC (the “Borrower”), the sole member of which is Ebenezer Society, a Minnesota nonprofit corporation, that the City refinance the Project hereinafter described, pursuant to Minnesota Statutes, Chapter 462C, by the issuance of tax exempt or taxable revenue obligations in one or more series.
The revenue obligations proposed to be issued would be used to (i) refinance certain debt of the Borrower related to the acquisition of land and a deferred developer fee; (ii) refund the outstanding principal balance of the City’s Senior Housing Revenue Refunding Note (Fairview Woods Project), Series 2006A (the “Prior Note”) originally issued on behalf of the Borrower in connection with refinancing the acquisition of land and site improvements and the construction and equipping of approximately 68 units of assisted living senior housing located at 470 Fairview Boulevard in the City (the “Project”); (iii) pay costs of issuance and other costs related to the issuance of the bonds and (iv) fund certain reserves. The Project is and will be owned and operated by the Borrower and a portion of the Project is leased to Mayo Health System.
The maximum aggregate estimated principal amount of bonds or other obligations to be issued to refinance the Project will be $11,000,000.
After the public hearing, the City may issue revenue bonds to refinance the Project. Said bonds or other obligations, as and when issued, will not constitute a charge, lien or encumbrance upon any property of the City, 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. Written comments will be considered if submitted at the above City office on or before the date of the hearing.