Notice of Public Hearing Regarding The Issuance of Tax-Exempt Health Care Facility Revenue Bonds
5/10/2017 — NOTICE IS HEREBY GIVEN that the Dakota County Community Development Agency (the “CDA”) will meet on Tuesday, June 20, 2017, at or after 3:30 p.m. at its offices at 1228 Town Centre Drive, Eagan, Minnesota 55123, to consider the proposal that the CDA issue tax-exempt and/or taxable revenue bonds in a principal amount not to exceed $4,000,000 (the “Bonds”) in accordance with Minnesota Statutes, Chapter 469.152 to 469.1655, and to loan the proceeds from the sale of the Bonds to Ebenezer Ridges, a Minnesota nonprofit and qualified 501(c)(3) organization, d/b/a Ebenezer Ridges Care Center (the “Borrower”), which is affiliated with Ebenezer Society, for the purposes of (a) financing improvements to the existing skilled nursing and transitional care facility owned and operated by the Borrower, located at 13820 Community Drive in Burnsville, Minnesota, and (b) paying certain costs of issuance of the Bonds (the “Project”).
The Bonds will be limited obligations of the CDA and the Bonds and interest thereon shall be payable solely from the revenues pledged to the payment thereof, except that such Bonds may be secured by a mortgage or other encumbrance on the Project. No holder of any such Bonds shall ever have the right to compel the exercise of any taxing power of the CDA to pay the Bonds, or the interest thereon, nor to enforce payment against any property of the CDA except the Project.
A draft copy of the proposed application to the Minnesota 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 beginning June 1, 2017, from 8:00 a.m. to 4:30 p.m. Monday through Friday at the CDA offices located at 1228 Town Centre Drive, Eagan, Minnesota.
All persons interested may appear and be heard at the time and place set forth above.