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Monday, June 17th - 6:01 P.M. – Public Hearing – to consider a proposed project on behalf of Vista Prairie at Eagle Pointe, LLC, and the issuance of revenue bonds under the Minnesota Municipal Industrial Development Act

Article Date
NOTICE OF PUBLIC HEARING CITY OF HAM LAKE, MINNESOTA NOTICE OF PUBLIC HEARING ON THE ISSUANCE OF REVENUE NOTES UNDER MINNESOTA STATUTES, CHAPTER 462C AND SECTIONS 471.59 AND 471.656, AS AMENDED, FOR THE BENEFIT OF VISTA PRAIRIE AT EAGLE POINTE, LLC NOTICE IS HEREBY GIVEN that the City Council of the City of Ham Lake, Minnesota (the “City Council”), will hold a public hearing on Monday, June 17, 2024, at or after 6:00 p.m. at City Hall, located at 15544 Central Avenue NE in the City, to consider a proposal that the City approve and authorize the issuance of one or more series of tax-exempt or taxable revenue notes (the “Note”) in the aggregate principal amount estimated not to exceed $10,000,000, all under Minnesota Statutes, Chapter 462C, as amended (the “Act”), and Minnesota Statutes, Sections 471.59 and 471.656, as amended, for the benefit of Vista Prairie at Eagle Pointe, LLC, a Minnesota limited liability company, or any of its affiliates (collectively, the “Borrower”). The sole member of the Borrower is the Governmental and Educational Assistance Corporation, an Arkansas nonprofit corporation doing business as Vista Prairie Communities. The proceeds of the Note, along with other available funds and proceeds of other revenue notes, will be used by the Borrower to (i) finance a portion of the costs of the acquisition, construction, and equipping of an approximately 134-unit senior living community, including approximately 59 independent living units, 43 assisted living units, 8 assisted living care suites, and 24 memory care units, to be located at 23440 Ambassador Boulevard NW, St. Francis, Minnesota (the “Project”); (ii) finance capitalized interest during the construction of the Project, if necessary; (iii) fund any required reserve funds; and (iv) pay costs of issuance of the Note. The Project will be owned and operated by the Borrower. Following the public hearing, the City Council will consider adoption of a resolution approving the issuance of the Note by the City and approving a housing program prepared for the Project in accordance with the Act. The Note will not constitute a charge, lien or encumbrance upon any property of the City except its interest in the Project and revenues to be paid by the Borrower. The Note will be a special, limited revenue obligation of the City, payable solely from the revenues expressly pledged to the payment thereof, will not constitute a general or moral obligation of the City, and will not be a charge against the general credit or taxing powers of the City, but will be payable solely from revenues or collateral to be paid or provided by the Borrower payable under revenue agreements. At the time and place fixed for the public hearing, the City 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 file written comments respecting the proposal with the City Administrator at or prior to the public hearing. Dated: May 31, 2024 BY ORDER OF THE CITY COUNCIL OF THE CITY OF HAM LAKE, MINNESOTA /s/ Denise Webster City Administrator City of Ham Lake, Minnesota

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