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Posted on: April 6, 2018

Public Hearing Notice for April 23, 2018

Public hearing to be conducted by City Council to consider issuance of revenue bonds by City of St Paul Park for benefit of PHS West Health, Inc and PHS Interlude Fridley LLc

CITY OF FRIDLEY, MINNESOTA
(Legal Publication)

NOTICE OF A PUBLIC HEARING TO BE CONDUCTED BY THE CITY OF FRIDLEY, MINNESOTA TO CONSIDER THE ISSUANCE OF REVENUE BONDS BY THE CITY OF ST. PAUL PARK, MINNESOTA FOR THE BENEFIT OF PHS WESTHEALTH, INC. AND PHS INTERLUDE FRIDLEY, LLC

            NOTICE IS HEREBY GIVEN that the City Council of the City of Fridley, Minnesota (the “City”), will hold a public hearing on Monday, April 23, 2018, at or after 7:00 p.m. at the Council Chambers in City Hall, located at 6431 University Avenue NE in the City, to consider a proposal that the City grant host city approval to the issuance by the City of St. Paul Park, Minnesota (the “City of St. Paul Park”) of revenue bonds, in one or more series, as taxable or tax-exempt obligations (the “Bonds”), in the approximate principal amount of $26,000,000, for the benefit of PHS WestHealth, Inc., a Minnesota nonprofit corporation (“PHS WestHealth”), whose members are Allina Health System and Presbyterian Homes Housing and Assisted Living, Inc., both Minnesota nonprofit corporations, and PHS Interlude Fridley, LLC, a Minnesota nonprofit limited liability company formerly known as Benedictine Living Center of Fridley, LLC (“PHS Interlude,” and collectively with PHS WestHealth and any affiliates, the “Borrower”), whose members are Presbyterian Homes Care Centers, Inc. and Allina Health System, both Minnesota nonprofit corporations.  The Borrower intends to apply the proceeds of the Bonds to, among other things, refinance a 50-bed transitional care facility (the “Project”) located at 520 Osborne Road NE on the Unity Hospital/Allina campus in the City, which is owned by PHS Interlude.  The Project was initially financed, in part, with the proceeds of the Health Care Facilities Revenue Note (BHS/Allina TCU Project), Series 2013, issued by the City on December 30, 2013 in the original aggregate principal amount of $10,000,000.  The Borrower also intends to use the proceeds of the Bonds to refinance a 55-unit transitional care facility located at 2775 Campus Drive on the WestHealth/Allina Health System campus in Plymouth, Minnesota, which is owned by PHS WestHealth, to fund required reserves, and to pay costs of issuance of the Bonds.

            The Bonds will be special, limited obligations of the City of St. Paul Park, 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 City of St. Paul Park and pledged to the payment of the Bonds.  

            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.  In addition, interested persons may direct any questions or file written comments respecting the proposal with the City Clerk, at or prior to said public hearing.

Dated:  April 6, 2018

BY ORDER OF THE CITY COUNCIL OF THE CITY OF FRIDLEY, MINNESOTA
/s/ Debra A. Skogen, City Clerk
City of Fridley, Minnesota

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