NOTICE OF PUBLIC HEARING
GRANTING HOST APPROVAL 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 Waconia, Minnesota (the “City”) will meet at the City Hall, 201 South Vine Street, in the City, at 6:00 p.m. on Monday, July 22, 2013 to consider giving host approval to the issuance by the City of Hamburg, Minnesota, the City of Howard Lake, Minnesota, and the City of Winsted, Minnesota (collectively, the “Issuers”) of revenue obligations, in one or more series (the “Notes”) pursuant to Minnesota Statutes, Sections 469.152 to 469.1655, as amended.
Ridgeview Medical Center, a Minnesota nonprofit corporation (the “Borrower”) proposes to finance a project which 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 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, cardiac monitors and other capital expenditures and equipment located at the Waconia Hospital; (iv) acquisition and installation of an MRI, a CT Scanner and other capital expenditures 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 at 7907 Powers Boulevard, Chanhassen, Minnesota; (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 principal amount of the Notes to be issued by the Issuers to finance the Project is approximately $25,000,000.
The Notes if and when issued will not constitute a charge, lien or encumbrance upon any property of the City or the Issuers except the Project and such obligations will not be a charge against the general credit or taxing powers of the City or the Issuers 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 Waconia Patriot June 27, 2013)
NOTICE OF PUBLIC HEARING