REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF WOODBURY,
NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR THE ISSUANCE OF HOUSING REVENUE BONDS
(ST. THERESE OF WOODBURY PROJECT)
NOTICE IS HEREBY GIVEN that the Housing and Redevelopment Authority in and for the City of Woodbury, Minnesota (the HRA) will hold a public hearing on Wednesday, August 6, 2014, beginning at 7:00 p.m. at 8301 Valley Creek Road in the City of Woodbury to consider a proposal for the issuance of housing revenue bonds (the Bonds) of the HRA under the provisions of Minnesota Statutes, Chapter 462C, as amended (the Act). The public hearing was originally scheduled for Wednesday, July 30, 2014, but has been rescheduled to Wednesday, August 6, 2014. The proceeds derived from the sale of the Bonds will be loaned to St. Therese of Woodbury, LLC, a Minnesota nonprofit limited liability company (the Borrower), whose sole member is St. Therese Foundation, Inc., a Minnesota nonprofit corporation (the Corporation). The proceeds of the loan will be applied to: (i) finance the acquisition of land and the development, construction, and equipping by the Borrower of a full-continuum, senior community of up to 216 units (the Project) to be located at 7555 Bailey Road in the City of Woodbury (the City); (ii) fund a debt service reserve fund to secure the Bonds; (iii) pay a portion of the interest on the Bonds; and (iv) pay a portion of the costs of issuing the Bonds. The Project will include independent-living apartments, assisted-living apartments, memory-care suites, and skilled-nursing units. The Project will be owned by the Borrower and will be initially managed by the Corporation or an affiliate of the Corporation.
Following the public hearing, the HRA will consider a resolution approving the housing program prepared under the terms of the Act with respect to the Project (the Housing Program), authorizing the issuance of the Bonds to finance the Project, and approving certain documents prepared with respect to the financing of the Project. The aggregate face amount of the Bonds proposed to be issued is presently estimated not to exceed $55,000,000. The Bonds will be special, limited obligations of the HRA; will not constitute a general or moral obligation of the HRA or the City; and will not be secured by the taxing powers of the HRA or the City or any assets or property of the HRA or the City. The Bonds will be payable solely from loan repayments made by the Borrower to the HRA under the terms of a Loan Agreement and by other security provided by the Borrower and expressly pledged to payment of the Bonds.
A draft copy of the Housing Program and the application for approval of the Project financing, together with all attachments and exhibits, is available for public inspection at the offices of the HRA at 8301 Valley Creek Road in Woodbury, MN during normal business hours.
At the time and place fixed for the public hearing, the HRA will give all persons who appear at the hearing an opportunity to express their views with respect to the proposal. All interested persons may appear and be heard at the public hearing either orally or in writing, or may file written comments with the Executive Director before the hearing.
Dated this 16th day of July, 2014
BY ORDER OF THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF WOODBURY, MINNESOTA
Dwight W. Picha, Clerk
The City of Woodbury HRA is subject to Title II of the Americans with Disabilities Act, which prohibits discrimination on the basis of disability by public entities. The HRA is committed to full implementation of the Act to our services, programs, and activities. Information regarding the provisions of the Americans with Disabilities Act is available from the Executive Directors office at 651-714-3523. Auxiliary aids for disabled persons are available upon request at least 72 hours in advance of an event. Please call the ADA Coordinator at 651-714-3523 (TDD 651-714-3568) to make arrangements.