Notice of Public Hearing on a Proposal for the Issuance of Educational Facilities Revenue Notes for the Totino-Grace High School Project
Notice is here by given that the City Council of the City of Fridley, Minnesota (City) will meet at the Council Chambers of the Fridley Civic Center, 7071 University Avenue NE, at 7:00p.m. on Monday, August 10, 2020, to consider the proposal of Grace High School, a Minnesota nonprofit corporation (d/b/a Totino-Grace High School) and having federal income tax-exempt 501(c)(3) status (Borrower), that the City assist in financing and refinancing a project hereinafter described pursuant to Minnesota Statutes, Sections 469.152 to 469.165, by the issuance of revenue notes, in one or more series (Notes).
The “Project” consists of (i) the refinancing of Borrower’s existing taxable debt issued pursuant to a Promissory Note dated as of December 12, 2018 (Prior Note), the proceeds of which financed the acquisition of the land on which the Borrower’s private high school facilities are located (School Facilities); and (ii) financing certain capital improvements to the School Facilities, including, but not limited to, restroom renovations, HVAC improvements, office space renovation, athletic field improvements, and technology infrastructure improvements.
The School Facilities are owned and operated by the Borrower and located on an approximately 40 acre campus located at 1350 Gardena Avenue NE in the City. The maximum estimated principal amount of the Notes to be issued to finance the Project is $4,200,000.
The Notes, if and when issued, will not constitute a charge, lien, or encumbrance upon any property of the City, except the 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 application to the Minnesota Department of Employment and Economic Development for approval of the Project, together with all attachments and exhibits thereto, is available for public inspection, during normal business hours, Monday through Friday, in the office of the Manager, in the City Hall.
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. Written comments will be considered if submitted at the above City office on or before the date of the hearing.
Posted: July 17, 2020