Howard Lake public hearing: senior housing

NOTICE OF PUBLIC HEARING ON A
PROPOSAL OF A HOUSING PROGRAM FOR, AND THE ISSUANCE OF, REVENUE NOTES FOR A SENIOR HOUSING PROJECT
(ANNANDALE CARE CENTER PROJECT)
Notice is hereby given that the City Council of the City of Howard Lake, Minnesota (the “City”), will meet at the City Hall, 625 8th Avenue, Howard Lake, Minnesota, at 6:00 p.m. on Tuesday, September 29, 2020, to consider the proposal of Annandale Care Center, a Minnesota nonprofit corporation (the “Borrower”), that the City adopt a housing program and give approval to finance, in part, a project hereinafter described pursuant to Minnesota Statutes, Chapter 462C, by the issuance of revenue notes or other obligations (the “Notes”) by the City (the “Issuer”).
The proceeds of the Notes will be used to (i) finance, in part, the acquisition, construction, and equipping of an approximately 42-unit independent living and assisted living senior housing facility (the “Facility”) to be located east of Park Street East/Highway 24 and north of Poplar Avenue North in the City of Annandale, Minnesota (the “Host City”); (ii) fund capitalized interest during construction; (iii) fund any required reserve funds; and (iv) pay all or a portion of the costs of issuance (collectively, the “Project”). The Facility will be owned and operated by the Borrower or a related entity.
The aggregate estimated principal amount of the Notes to finance the Project and related costs will be an amount not to exceed $8,500,000.
The obligations, as and when issued, will not constitute a charge, lien, or encumbrance upon any property of the Issuer or the Host City, except the Project and the revenues to be derived from the Project.  Such Notes will not be a charge against the Issuer’s or the Host City’s general credit or taxing powers but are payable from sums to be paid by the Borrower pursuant to a revenue agreement.
A draft copy of the proposed housing program is available for inspection at City Hall during normal business hours.
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 for the housing program and the Notes.  Written comments will be considered if submitted to the Administrator–Clerk at the above City office on or before the date of the hearing.
By: Nick Haggenmiller
Administrator–Clerk
STATE OF MINNESOTA
COUNTY OF WRIGHT
CITY OF HOWARD LAKE
I, the undersigned, being the duly qualified and acting Administrator–Clerk of the City of Howard Lake, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing extract of minutes with the original thereof on file in my office, and that the same is a full, true, and complete transcript of the minutes of a meeting of the City Council of said City duly called and held on the date therein indicated, insofar as such minutes relate to calling for a public hearing on the Annandale Care Center Senior Housing Project.
Published in the Herald Journal, Sept. 11, 2020.

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