NOTICE OF PUBLIC HEARING
ON A PROPOSAL FOR THE ISSUANCE OF
REVENUE NOTES FOR THE RIDGEVIEW MEDICAL CENTER
Notice is hereby given that the City Council of the City of Hamburg, Minnesota (the “City”) will meet at the City Hall, 181 Broadway Avenue, in the City, at 7:00 p.m. on Tuesday, July 9, 2013 to consider the proposal of Ridgeview Medical Center, a Minnesota nonprofit corporation (the “Borrower”), that the City assist in financing a portion of the project hereinafter described pursuant to Minnesota Statutes, Sections 469.152 to 469.1651, by the issuance of revenue notes or obligations (in one or more series) (the “Note”).
The Project consists of (i) additions and renovations to the Borrower’s clinic located at 916 St. Peter Avenue in Delano, Minnesota (the “Delano Facilities”); (ii) refinancing of the outstanding principal balance of the City of Excelsior, Minnesota $4,212,750 Healthcare Facilities Revenue Note, Series 2005 (Ridgeview Excelsior Clinic/Ridgeview Medical Center Project) which was issued to finance the Borrower’s medical clinic facility located at 675 Water Street, Excelsior, Minnesota (the “Excelsior Facilities”) and an MRI system for the Borrower’s facilities at 500 South Maple Street, Waconia, Minnesota (the “Waconia Hospital”); (iii) acquisition and installation of a daVinci surgical robot, a CT scanner, cardiac monitors and other capital expenditures and equipment located at the Waconia Hospital; (iv) acquisition and installation of an MRI and other capital expenditure and equipment located at 111 Hundertmark Road, Chaska, Minnesota (the “Chaska Facilities”); (v) refinancing the outstanding principal balance of the City of Howard Lake, Minnesota $5,024,000 Healthcare Facilities Revenue Note (Ridgeview Medical Center Project) Series 2002 which was issued to finance medical clinics included in the Delano Facilities and the Chaska Facilities; (vi) the refinancing of a USDA loan used for the acquisition and installation of electrical and telecommunications facilities located at the Waconia Hospital; (vii) refinancing of the outstanding principal balance of the City of Waconia $9,670,000 Healthcare Facilities Revenue Note, Series 2003 (Ridgeview Medical Center) which was issued to finance improvements to the Waconia Hospital; and (viii) construction and equipping of approximately 70,000 square feet of additions and expansions to the Chaska Facilities. The Waconia Hospital is owned by the City of Waconia, Minnesota and leased to and operated by the Borrower. The other facilities included in the Project are owned and operated by the Borrower.
The maximum estimated cost of the Project to be financed by notes of the City and other governmental issuers to be determined is approximately $25,000,000. The maximum estimated principal amount of the Note to be issued by the City to finance the Project is approximately $9,000,000. A draft copy of the proposed application to the Commissioner of the Department of Employment and Economic Development, State of Minnesota, for approval of those portions of the Project not previously approved, together with all attachments and exhibits thereto, is available for public inspection during normal business hours, Monday through Friday, at the City Hall in the City.
The Note if and when issued will not constitute a charge, lien or encumbrance upon any property of the City except the Project and such obligations will not be a charge against the general credit or taxing powers of the City but will be 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 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. (Published in The Norwood Young America Times June 20, 2013)