Sections

Weather Forecast

Close

CITY OF HASTINGS NOTICE OF PUBLIC HEARING

Tuesday, November 5, 2013 - 11:20pm

NOTICE OF PUBLIC HEARING
NOTICE OF A PUBLIC HEARING TO BE CONDUCTED BY THE CITY OF HASTINGS WITH RESPECT TO THE ISSUANCE OF REVENUE OBLIGATIONS BY THE CITY OF ST. PAUL PARK TO FINANCE THE ACQUISITION BY REGINA SENIOR LIVING OF CERTAIN HEALTHCARE AND HOUSING FACILITIES
NOTICE IS HEREBY GIVEN that the City Council of the City of Hastings, Minnesota (the "City"), will hold a public hearing on Monday, December 2, 2013, at or after 7:00 p.m. at City Hall, located at 101 Fourth Street East in the City, to consider a proposal that the City grant host city approval to the issuance of revenue obligations (the "Bonds") by the City of St. Paul Park, Minnesota (the "Issuer") in one or more series, under Minnesota Statutes, Chapter 462C, as amended (the "Housing Act"), and Minnesota Statutes, Sections 469.152 through 469.1655, as amended (the "Industrial Development Act"), for the benefit of Regina Senior Living, a Minnesota nonprofit corporation (the "Borrower"), the sole member of which is Benedictine Health System, a Minnesota nonprofit corporation. The proceeds of the Bonds, along with equity of the Borrower, will be used to (i) finance the acquisition of a 61-bed skilled nursing facility and a 127-unit assisted living and memory care facility located at 1175 Nininger Road in the City (the "Project"); (ii) fund one or more reserve funds, if necessary; and (iii) pay the costs of issuance of the Bonds and other costs related to the Project. The Bonds are anticipated to be issued in the aggregate principal amount not to exceed $5,000,000. The Project will be operated by the Borrower.
The Bonds will be special, limited obligations of the Issuer, and the Bonds and interest thereon will be payable solely from the revenues and assets pledged to the payment thereof. No holder of any Bonds will ever have the right to compel any exercise of the taxing power of the City to pay the Bonds or the interest thereon, nor to enforce payment against any property of the City. The Bonds are to be payable solely from revenues and security provided by the Borrower to the Issuer and pledged to the payment of the Bonds. Before issuing the Bonds, the Issuer will enter into an agreement with the Borrower, whereby the Borrower will be obligated to make payments at least sufficient at all times to pay the principal of and interest on the Bonds when due.
Following the public hearing, the City Council will consider the approval of a cooperative agreement with the Issuer and the issuance of the Bonds by the Issuer for the benefit of the Borrower.
Anyone desiring to be heard during this public hearing will be afforded an opportunity to do so.
Dated: November 7, 2013
CITY OF HASTINGS, MINNESOTA
/s/ Julie Flaten
11/7/2013 Assistant City Administrator/City Clerk