ADVERTISEMENT

Public Hearing Publish August 18, 2021 NOTICE OF PUBLIC HEARING ON PROPOSED PROJECT AND THE ISSUANCE OF PRIVATE ACTIVITY BONDS TO FINANCE HEALTH CARE FACILITIES LAKES AREA ECONOMIC DEVELOPMENT AUTHORITY, MINNESOTA NOTICE IS GIVEN that the Board of Commissioners of the Lakes Area Economic Development Authority, Minnesota (the "Issuer") will meet on Tuesday, September 7, 2021, at 12:00 p.

Public Hearing
Publish August 18, 2021
NOTICE OF PUBLIC HEARING
ON PROPOSED PROJECT
AND THE ISSUANCE OF
PRIVATE ACTIVITY BONDS
TO FINANCE HEALTH
CARE FACILITIES
LAKES AREA ECONOMIC
DEVELOPMENT AUTHORITY, MINNESOTA
NOTICE IS GIVEN that the Board of Commissioners of the Lakes Area Economic Development Authority, Minnesota (the "Issuer") will meet on Tuesday, September 7, 2021, at 12:00 p.m., or as soon thereafter as reasonably possible in the downstairs conference room located at 324 Broadway in Alexandria, Minnesota, to conduct a public hearing.
The purpose of the public hearing is to consider the proposal that the Issuer issue its health care facilities revenue obligations, in one or more series, under Minnesota Statutes, Sections 469.152 through 469.1655, in order to undertake and finance the cost of the project described below. The proposed project will be owned and operated by Knute Nelson, a Minnesota nonprofit corporation and organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Code"), or an affiliate thereof which is treated as an organization described in Section 501(c)(3) of the Code, and will consist of the acquisition of an 18-unit assisted living memory care facility located at 812 S. McKay Avenue in the City of Alexandria, Minnesota, and paying costs associated with the financing. The estimated total amount of the proposed revenue obligations will not exceed $1,750,000. The proposed revenue obligations will be qualified 501(c)(3) bonds as defined in Section 145 of the Code.
The obligations and the interest thereon shall be limited obligations of the Issuer and shall not be payable from nor charged upon any funds other than the revenue pledged to their payment, nor shall the Issuer be subject to any liability on them. No holder of the obligations shall ever have the right to compel any exercise of the taxing power of the Issuer to pay the obligations or the interest thereon, nor to enforce payment of them against any property of the Issuer except those projects, or portions thereof, mortgaged or otherwise encumbered.
A draft copy of the proposed Application to the Minnesota Department of Employment and Economic Development for approval of the project, together with all attachments and exhibits thereto, is available for public inspection at the office of the Director at 324 Broadway, Suite 101, Alexandria, Minnesota between the hours of 8:00 a.m. and 4:30 p.m., Monday through Friday, except legal holidays.
All persons interested may appear and be heard at the time and place set forth above or may submit written comments to the Director in advance of the hearing.
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