Public Hearing - proposal for issuance of revenue bonds (Augustana Chapel View Homes)
NOTICE OF PUBLIC HEARING ON A PROPOSAL
FOR THE ISSUANCE OF REVENUE BONDS
(AUGUSTANA CHAPEL VIEW HOMES, INC. PROJECT)
Notice is hereby given that the City Council of the City of St. Bonifacius, Minnesota (the “City”), will meet on Wednesday, May 7, 2025, at 6:45 p.m. in the St. Bonifacius City Hall, 8535 Kennedy Memorial Drive, in the City, to consider the proposal of Augustana Chapel View Homes, Inc. (the “Borrower”), a Minnesota nonprofit corporation and 501(c)(3) organization, the sole member of which is Augustana Care, a Minnesota nonprofit corporation and 501(c)(3) organization, the sole member of which is Cassia, a Minnesota nonprofit corporation and 501(c)(3) organization, that the City issue revenue bonds or other obligations, in one or more series (the “Bonds”), pursuant to Minnesota Statutes, Sections 469.152 through 469.165 (the “Act”), in order to finance the costs of the project described below.
The Borrower has proposed that it will use the proceeds of the Bonds to (i) finance the acquisition, construction, and equipping of an 88-bed/84-unit skilled nursing facility to be located at 412 5th Avenue North, in the City of Hopkins, Minnesota (the “Facility”), (ii) fund any required reserve funds, (iii) pay any capitalized interest, and (iv) pay all or a portion of the costs of issuing the Bonds (collectively, the “Project”). The Facility will be owned and operated by the Borrower.
The aggregate estimated principal amount of the Bonds to be issued by the City to finance the Project and related costs will not exceed $35,000,000.
The Bonds, if and when issued, will not constitute a charge, lien, or encumbrance upon any property of the City, except the Facility and the revenues to be derived from the Facility. The Bonds 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 application to the Commissioner of the Department of Employment and Economic Development, State of Minnesota, for approval of the Project, 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.
At the time and place fixed for the public hearing, the City Council of the City will give all persons who appear at the hearing an opportunity to express their views with respect to the proposed Bonds. Written comments will be considered if submitted at the office of the City Administrator-Clerk-Treasurer on or before the date of the public hearing.
Dated: April 24, 2025
CITY OF ST. BONIFACIUS, MINNESOTA
By Brenda Fisk
City Administrator-Clerk-Treasurer