CITY OF CLOQUET, MINNESOTA NOTICE OF PUBLIC HEARING ON THE ISSUANCE OF REVENUE BONDS
CITY OF CLOQUET, MINNESOTA
NOTICE OF PUBLIC HEARING ON THE ISSUANCE OF REVENUE BONDS
Notice is hereby given that the City Council of the City of Cloquet, Minnesota (the "City") will meet at the City Hall, 1307 Cloquet Avenue, in Cloquet, Minnesota, on Tuesday, April 2, 2013, at 7:00 p.m., to hold a public hearing to consider the proposal of HADC Cloquet, LLC, a Minnesota limited liability company (the "Borrower") whose sole member is Housing Alternatives Development Company, a Minnesota nonprofit corporation and organization described under Section 501(c)(3) of the Internal Revenue Code, that the City assist in financing a project hereinafter described pursuant to Minnesota Statutes, Section 462C, by the issuance of one or more revenue bonds.
The Project consists of (i) refinancing the outstanding principal balance of the City's Housing Facility Revenue Refunding Bonds (HADC Cloquet, LLC Project), Series 2005A, originally issued in connection with the financing and refinancing of a 54-unit senior assisted living facility known as Evergreen Knoll located at 1309 Fourteenth Street in the City and a 24-unit senior independent living facility, including community room, known as Evergreen Cottages located at Maplewood Avenue and Fourteenth Street and immediately adjacent to Evergreen Knoll in the City and (ii) providing permanent financing for the acquisition, construction and equipping of certain capital improvements to the Borrower's senior assisted living facility and senior independent living facility. The Project is and will be owned and operated by the Borrower.
The maximum aggregate estimated principal amount of the obligations to be issued to finance the project is $10,500,000.
The obligations if and when issued will not constitute a charge, lien or encumbrance upon any property of the City, except the revenues of 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.
A draft copy of the proposed is available for public inspection during normal business hours, Monday through Friday, at the City Hall in the City.
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.