CITY OF NORWOOD YOUNG AMERICA, MINNESOTA
NOTICE OF A PUBLIC HEARING WITH RESPECT TO A PROGRAM FOR A MULTIFAMILY HOUSING DEVELOPMENT AND THE ISSUANCE OF REVENUE BONDS TO FINANCE A MULTIFAMILY HOUSING DEVELOPMENT IN ACCORDANCE WITH THE PROVISIONS OF MINNESOTA STATUTES, CHAPTER 462C, AS AMENDED
NOTICE IS HEREBY GIVEN that the City Council of the City of Norwood Young America, Minnesota (the City) will hold a public hearing on Monday, September 8, 2014, on or after 6:30 p.m. at City Hall, 310 Elm Street W., Norwood Young America, Minnesota, to consider the adoption of a housing program for a multifamily housing development (the Program) and to grant preliminary approval for the issuance of revenue bonds of the City (the Bonds) under Minnesota Statutes, Chapter 462C, as amended (the Housing Act), to finance a loan to Peace Villa Inc., a Minnesota nonprofit corporation (the Borrower), with respect to the following: (i) the construction and equipping of a 37-unit, rental-housing facility for seniors comprised of approximately twenty-five (25) assisted-living units and twelve (12) memory-care units to be located at 600 Railroad Drive in the City (the Project); (ii) the funding of one or more reserve funds to secure the timely payment of the Bonds; (iii) the payment of a portion of the interest on the Bonds; and (iv) the payment of a portion of the costs of issuing the Bonds. The Project will be owned by the Borrower and will be managed by Ecumen Services, Inc., a Minnesota nonprofit corporation.
At the public hearing, the City Council will consider the adoption of a resolution approving the Program with respect to the Project and giving preliminary approval to the issuance of the Bonds to finance the costs of the Program and the Project. The aggregate face amount of the Bonds proposed to be issued to finance the Program and the Project is presently estimated not to exceed $6,900,000. The Bonds will be issued by the City and will constitute limited obligations of the City payable solely from the revenues expressly pledged to the payment thereof, and will not constitute general obligations of the City and will not be secured by any taxing powers of the City nor any assets or property of the City except the interests of the City in the Project that may be granted to the City in conjunction with this financing. The City may authorize certain other political subdivisions of the State of Minnesota to issue bonds to finance a portion of the Project.
A copy of the Program has been submitted to the Metropolitan Council as required by the terms of the Housing Act and is on file in the offices of the City Administrator at 310 Elm Street W., Norwood Young America, Minnesota, on and after the date of publication of this notice.
Anyone desiring to be heard during this public hearing will be afforded an opportunity to do so. Written comments will be considered if submitted to the attention of the Administrator on or before the date of the public hearing.
Dated: August 14, 2014
BY ORDER OF THE CITY OF
NORWOOD YOUNG AMERICA,
8/14/14, NYA Times, PHN Peace Villa, 262218