NOTICE OF PUBLIC HEARING ON THE EXPENDITURE OF BOND-FINANCED PROJECT SALE PROCEEDS The Community Development and Regulatory Services Committee of the Minneapolis City Council, will meet on Monday, November 13, 2017, at 1:30 p.m. in the Council Chambers (Room 317) at City Hall, 350 South Fifth Street, in Minneapolis, Minnesota (the "City"), for the purpose of conducting a public hearing on a proposal that the City approve the expenditure of Sale Proceeds (defined below) on a project in the City. The project is the approximately 134-unit senior housing development (with independent living units and memory care units) located at 428 Second Street South in the City that is known as Abiitan Mill City (the "Project"). The Project is owned by Ecumen Mill City Quarter, LLC, a Minnesota limited liability company, the sole member of which is Ecumen, a Minnesota nonprofit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended. CDL Homes, LLC, a Minnesota limited liability company whose sole member is Ecumen, plans to sell portions of its skilled nursing and assisted living campus in Chisago City, Minnesota, that has been financed in part by tax-exempt bonds. Proceeds of the sale in the amount of approximately $4,000,000 (the "Sale Proceeds") are planned to be expended to (i) pay-off part of a taxable loan incurred by Ecumen to finance capital expenditures for the Project, and (ii) make capital improvements to the Project, principally consisting of combining smaller Project units into larger units. Because the Sale Proceeds are being expended in the City with respect to the Project, it is necessary under federal tax law rules for the City to hold a public hearing and approve such expenditure. All persons interested may appear and be heard at the time and place set forth above. The meeting place is accessible to citizens with limited mobility. A sign language interpreter is available for deaf or hearing impaired citizens (for scheduling please call 612 673 2626 TTY/Voice). For information call Charles Curtis, 612-673-5069.
↧