CITY OF LAUDERDALE, MINNESOTA NOTICE OF PUBLIC HEARING WITH RESPECT TO A PRO-JECT DESCRIBED IN MINNESOTA STATUTES, CHAPTER 462C, AS AMENDED, AND THE ISSUANCE OF A REVENUE NOTE THEREUNDER NOTICE IS HEREBY GIVEN that the City Council of the City of Lauderdale, Minnesota (the "City") will hold a public hearing on Tuesday, September 12, 2017, at or after 7:30 p.m., at City Hall, located at 1891 Walnut Street in the City, to consider a proposal for the issuance of a revenue obligation of the City, in one or more series (the "City Note"), under Minnesota Statutes, Chapter 462C, as amended (the "Act"), on behalf of Catholic Eldercare, a Minnesota nonprofit corporation, or any of its affiliates (the "Borrower"). The proceeds of the City Note proposed to be issued by the City for the benefit of the Borrower will be applied, along with the proceeds of a revenue note (the "Hilltop Note") proposed to be issued by the City of Hilltop, Minnesota in an aggregate principal amount not to exceed $8,000,000, to (i) finance the construction and equipping of a 69-unit independent senior housing complex with services located at 917, 923, 929, and 1001 Second Street NE, Minneapolis, Minnesota (the "Project"); (ii) fund capitalized interest on the City Note and the Hilltop Note (together, the "Notes") during construction of the Project, if necessary; (iii) fund required reserves for the Notes, if any; and (iv) pay the costs of issuing the Notes. The Project to be financed with the proceeds of the Notes will be owned and operated by the Borrower or its affiliates. Following the public hearing, the City Council will consider adoption of a resolution approving the Project in accordance with the requirements of the Act and the issuance of the City Note. The aggregate face amount of the City Note proposed to be issued to finance the Project is presently estimated not to exceed $10,000,000 and may be issued in one or more series. The City Note proposed to be issued by the City will constitute a special, limited obligation of the City payable solely from the revenues expressly pledged to the payment thereof, will not be a general or moral obligation of the City, and will not be secured by the taxing power of the City or any assets or property of the City except any interests of the City in the Project that may be granted to the City in conjunction with this financing. All interested persons may appear and be heard at the time and place set forth above. Dated: August 22, 2017 BY ORDER OF THE CITY COUNCIL OF THE CITY OF LAUDERDALE, MINNESOTA /s/ Heather Butkowski City Administrator City of Lauderdale, Minnesota
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