1073620 Public Hearing - Knute Nelson Bonds
Publish May 5, 2010
NOTICE OF A
ON A HOUSING PROGRAM
AND THE ISSUANCE OF
SENIOR HOUSING REVENUE BONDS AND A REVENUE NOTE BY
THE CITY OF
NOTICE IS HEREBY GIVEN that the City Council of the City of Alexandria, Minnesota (the "City"), will meet at 7:00 p.m. central time on Monday, May 24, 2010, at the Council Chambers in the City Hall at 704 Broadway, Alexandria, Minnesota for the purpose of conducting a public hearing on a proposal that the City issue its Senior Housing Revenue Bonds (Knute Nelson Senior Living Campus, LLC Project) Series 2010 (the "Bonds") and its Revenue Note (Knute Nelson Project) Series 2010 (the "Note") under Minnesota Statutes, Chapter 462C, as amended (the "Act"), in order to finance the Facility described below.
The proposed transaction will involve the construction by Knute Nelson Senior Living Campus, LLC, a Minnesota limited liability company (the "Company"), whose sole member is Knute Nelson, a Minnesota nonprofit corporation ("Knute Nelson"), of a senior living campus consisting of a total of 139 units, with 73 independent living units, 30 general assisted living units, 18 enhanced assisted living units and 18 memory care units (the "Facility"), to be located at the northwest quadrant of the intersection of 50th Avenue and Pioneer Road (County Road 106) in the Knute Nelson Senior Living Addition in the City.
The Company will own the Facility and will be the primary obligor with respect to the Bonds. Knute Nelson will be the obligor with respect to the Note. The aggregate principal amount of the bonds is expected to not exceed $22,000,000 and the principal amount of the Note is expected to not exceed $5,000,000. The Housing Program relating to the transaction prepared by bond counsel pursuant to the Act is on file with the City. The Bonds and Note shall be limited obligations of the City, and such obligations and the interest thereon shall be payable solely from the revenues and property of the Company and Knute Nelson, respectively, pledged to the payment thereof.
No holder of the Bonds or Note shall ever have the right to compel any exercise of the taxing power of the City to pay the Bonds or Note or the interest thereon, nor to enforce payment against any property of the City, nor shall the same constitute a debt of the City within the meaning of any constitutional or statutory limitation.
All persons interested may appear and be heard at the time and place set forth above or may file written comments with the City Administrator-Clerk which shall be considered at the public hearing.
BY ORDER OF
THE CITY COUNCIL
/s/ Jim Taddei,