REDEVELOPMENT AUTHORITY IN AND FOR THE
CITY OF WOODBURY,
NOTICE OF A PUBLIC HEARING ON A PROPOSAL FOR THE ISSUANCE OF SENIOR HOUSING REVENUE REFUNDING NOTES
(PHS/WOODBURY, INC. PROJECT)
SERIES 2017A AND SERIES 2017B
NOTICE IS HEREBY GIVEN that the Board of Commissioners of the Housing and Redevelopment Authority in and for the City of Woodbury, Minnesota (the Woodbury HRA), will hold a public hearing on Wednesday, May 10, 2017, beginning on or after 7:10 p.m. at City Hall, 8301 Valley Creek Road in the City of Woodbury to consider a proposal for the issuance by the Woodbury HRA of: (i) a Senior Housing Revenue Refunding Note (PHS/Woodbury, Inc. Project), Series 2017A (the Series 2017A Note); and (ii) a Senior Housing Revenue Refunding Note (PHS/Woodbury, Inc. Project), Series 2017B (the Series 2017B Note). The Series 2017A Note and the Series 2017B Note (collectively, the Series 2017 Notes) are proposed to be issued under the provisions of Minnesota Statutes, Chapter 462C, as amended (the Housing Act). The proceeds derived from the sale of the Series 2017 Notes will be applied to make a loan (the Loan) by the Woodbury HRA to PHS/Woodbury, Inc., a Minnesota nonprofit corporation (the Company), under the terms of a Loan Agreement, dated on or after June 1, 2017 (the Loan Agreement), between the Woodbury HRA and the Company.
The proceeds of the Loan will be applied to: (i) redeem and prepay obligations previously issued by the City of Woodbury and the Woodbury Economic Development Authority for the benefit of the Company the proceeds of which were loaned to the Company to finance and refinance the development, construction, and equipping by the Company of a multifamily rental housing development for seniors of 164 units (the Project) located at 8725 Promenade Lane in the City of Woodbury near the intersection of Radio Drive and Valley Creek Road in the City of Woodbury (generally known as Stonecrest of Woodbury); (ii) fund a repair and replacement fund with respect to the Project; and (iii) pay a portion of the costs of issuing the Series 2017 Notes. The Project is comprised of independent-living units (87 units), assisted-living units (59 units), and memory-care units (18 units). The Project is currently owned by the Company and will continue to be owned by the Company.
Following the public hearing, the Board of Commissioners of the Woodbury HRA will consider a resolution: (i) approving an Amended and Restated Housing Program for a Multifamily Housing Development (the Housing Program) prepared with respect to the Project in accordance with the provisions of the Housing Act; (ii) authorizing the issuance of the Series 2017A Note in a principal amount of up to $9,500,000 to refinance the Project; (iii) authorizing the issuance of the Series 2017B Note in a principal amount of up to $9,500,000 to refinance the Project; and (iii) approving certain documents prepared with respect to the refinancing of the Project.
The aggregate face amount of the Series 2017 Notes proposed to be issued is presently estimated not to exceed $19,000,000. The Series 2017 Notes will be special, limited obligations of the Woodbury HRA; will not constitute a general or moral obligation of the Woodbury HRA or the City; and will not be secured by the taxing powers of the Woodbury HRA or the City or any assets or property of the Woodbury HRA or the City. The Series 2017 Notes will be payable solely from loan repayments made by the Company to the Woodbury HRA under the terms of the Loan Agreement and by other security provided by the Company and expressly pledged to payment of the Series 2017 Notes.
A draft copy of the Housing Program will be submitted to the Metropolitan Council for its review and comment on or before the date of publication of this notice of public hearing as required by the terms of the Housing Act.
At the time and place fixed for the public hearing, the Board of Commissioners of the Woodbury HRA will give all persons who appear at the public 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 of the Woodbury HRA before the hearing.
Dated this April 19, 2017
BY ORDER OF THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF
The Woodbury HRA is subject to Title II of the Americans with Disabilities Act (the ADA), which prohibits discrimination on the basis of disability by public entities. The Woodbury HRA is committed to full implementation of the ADA to our services, programs, and activities. Information regarding the provisions of the ADA is available from the office of the Executive Director of the Woodbury HRA 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.