Publish August 5, 2011
NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR A HEALTH CARE DEVELOPMENT PROJECT AND THE ISSUANCE OF REVENUE BONDS
(ECUMEN PROPERTIES, INC.
Notice is hereby given that a public hearing shall be conducted by the Board of Commissioners of the Lakes Area Economic Development Authority (the “Authority”) on Tuesday, August 23, 2011, at 5:15 pm at the Alexandria Area Economic Development Commissioner located at 610 Fillmore Street in the City of Alexandria, Minnesota (“Alexandria”) to consider the proposal of Ecumen Properties, Inc., a Minnesota nonprofit corporation (“Company”) that the Authority assist in financing the (i) refunding of the outstanding principal balance of certain tax exempt bonds issued by the City of Duluth with respect to the Project described below, (ii) construction and equipping of a memory care facility, to be attached to the existing skilled nursing facility known as Bethany Home located at 1020 Lark Street in Alexandria, (iii) financing of certain improvements to and equipment for Bethany Home, (iv) financing certain improvements to and equipment for Emmanuel Home located at 600 S. Davis Avenue in Litchfield, MN (the “Project”) and (v) the funding of certain reserves and issuance expenses. The Project will be financed in part through the issuance by the Authority of approximately $10,750,000 of revenue bonds pursuant to Minnesota Statutes, Sections 469.151 through 469.165, as amended. Bethany Home and Emmanuel Home are owned by the Company.
The bonds or other obligations if and when issued will not constitute a charge, lien or encumbrance upon any property of the Authority or Alexandria, and such bonds or obligations will not be a charge against the general credit or taxing powers of the Authority or Alexandria, but will be payable from sums to be paid by the Company, pursuant to a revenue agreement.
A draft copy of the proposal and associated materials is available for public inspection from 8:00 a.m. to 4:30 p.m., Monday through Friday, at the Alexandria Area Economic Development Commission.
At the time and place fixed for the public hearing, the Authority will give all persons who appear at the hearing an opportunity to express their views with respect to the proposal. In addition, interested persons may file written comments respecting the proposal with the Authority’s Executive Director at or prior to the public hearing.
BY ORDER OF THE AUTHORITY
/s/ Jason Murray