2007-05-07 PH Notice Issuance of Revenue Refunding Bonds
CITY OF ALBERTVILLE, MINNESOTA
NOTICE OF PUBLIC HEARING ON THE ISSUANCE OF
REVENUE REFUNDING BONDS UNDER MINNESOTA
STATUTES, CHAPTER 462C, AS AMENDED, TO REFINANCE A
MULTIFAMILY RENTAL HOUSING DEVELOPMENT
NOTICE IS HEREBY GIVEN that the City Council (the "City Council") of the City of Albertville,
Minnesota (the "City"), will hold a public hearing on Monday, May 7, 2007, at 7:00 p.m. or soon
thereafter at City Hall, 5959 Main Avenue NE in the City, with respect to an amended and restated
housing program (the "Program") for the issuance of revenue bonds under Minnesota Statutes, Chapter
462C, as amended (the "Act") to refinance and finance a multifamily housing development. The Program
contemplates the refinancing and financing by the Owner (as hereinafter defined) of a 44-unit residential
rental facility for senior citizens (the "Facility") located south of 57th Street NE, between Kalland Avenue
and Wright County Highway No. 19, in the City of Albertville (the "Project"). The owner of the Project is
Group for Affordable Housing - Albertville, LLC (the "Owner"), of which Group for Affordable
Housing, a Minnesota nonprofit corporation, is the sole member.
At the public hearing, the Council will consider adoption of a resolution approving the Program and
approving the issuance of revenue bonds under the Act and the Program. The aggregate face amount of
revenue bonds proposed to be issued to finance the Program (the "Bonds") is presently estimated not to
exceed $3,600,000. The revenue bonds will be issued by the City Council of the City and will be limited
obligations of the City payable solely from the revenues pledged to the payment thereof, and will not be a
general or moral obligation of the City or be secured by the taxing power of the City. Proceeds derived
from the sale of the Bonds will be loaned to the Owner and applied by the Owner to the redemption and
prepayment of the outstanding revenue bonds previously issued by the City to finance the initial
acquisition, construction and equipping of the Project and to finance improvements to the Facility.
A copy of the proposed Program is on file with the City Administrator of the City. Anyone desiring to be
heard during this public hearing will be afforded an opportunity to do so.
Bridget Miller
Albertville City Clerk
Published in the Crow River News on Monday, April 23, 2007