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HomeMy WebLinkAboutResolution No. 2025-57 Setting Public Hearing Date for Aurora on FranceRESOLUTION NO. 2025- 57 CALLING FOR A PUBLIC HEARING ON AN ISSUE OF REVENUE BONDS BY THE NATIONAL FINANCE AUTHORITY BE IT RESOLVED by the City Council of the City of Edina, Minnesota (the "City"), as follows: I . The Centurion Foundation, Inc., a Georgia nonprofit corporation and an organization described in Section 50I(c)(3) of the Internal Revenue Code of 1986, as amended (the "Code") (together with any parent, subsidiary, or other affiliate, the "Borrower"), has advised this Council of its desire to finance, with proceeds of one or more series of tax-exempt and/or taxable revenue bonds (the "Bonds") issued by the National Finance Authority, a component unit of the Business Finance Authority of the State of New Hampshire (the "Issuer"), (I) the acquisition of and certain improvements to the senior living facility known as Aurora on France located at 6500 France Avenue S. in the City of Edina, Minnesota (the "Project") and (2) certain expenses incurred in connection with the issuance of the Bonds. The Project will be leased to Edina Senior Living, LLC, a Minnesota limited liability company and a disregarded entity, whose sole member is the Ebenezer Society, a Minnesota nonprofit corporation and an organization described in Section 50I (c)(3) of the Code (together with any parent, subsidiary, or other affiliate, the "Operator"). The Project will be owned by the Borrower and operated by the Operator in accordance with their charitable purposes. 2. Since the facilities proposed to be financed by the Bonds are located in the City, Section I 47(f) of the Code, and regulations promulgated thereunder, require that prior to the issuance of any tax-exempt Bonds, this Council approve the issuance of such Bonds by the Issuer, after conducting a public hearing thereon. A public hearing on the proposal that the Issuer issue the Bonds is hereby called and shall be held on August 19, at 7:00 P.M., at City Hall, 4801 West 50th Street. 3. The City Clerk shall cause notice of the public hearing, in substantially the form attached hereto as Exhibit A, to be published in a newspaper of general circulation in the City, once not fewer than 7 days prior to the date fixed for the public hearing. Adopted by the City Council of the City of Edina on this I 5th day of July, 2025. CITY OF EDINA 4801 West 50th Street • Edina, Minnesota 55424 www.EdinaMN.gov • 952-927-8861 EXHIBIT A CITY OF EDINA 4801 WEST 50TH STREET EDINA, MINNESOTA 55424 NOTICE OF PUBLIC HEARING ON THE ISSUANCE OF REVENUE BONDS UNDER SECTION 147(F) OF THE INTERNAL REVENUE CODE OF 1986, ON BEHALF OF THE CENTURION FOUNDATION, INC. AND THE NATIONAL FINANCE AUTHORITY NOTICE IS HEREBY GIVEN that a public hearing shall be conducted by the City Council of the City of Edina, Minnesota (the "City"), at the City Hall, 4801 West 50th Street in the City, on August 19, 2025, at 7:00 p.m., on a proposal that the National Finance Authority, a component unit of the Business Finance Authority of the State of New Hampshire (the "Issuer"), issue revenue bonds (the "Bonds") on behalf of The Centurion Foundation, Inc., a Georgia nonprofit corporation and an organization described in Section 501 (c)(3) of the Internal Revenue Code of 1986, as amended (the "Code") (together with any parent, subsidiary, or other affiliate, the "Borrower"), in one or more taxable or tax-exempt series, in order to (1) finance the acquisition of and certain improvements to the senior living facility known as Aurora on France located at 6500 France Avenue S. in the City of Edina (the "Project"); and (2) pay certain expenses incurred in connection with the issuance of the Bonds. The Project will be leased to Edina Senior Living, LLC, a Minnesota limited liability company and a disregarded entity, whose sole member is the Ebenezer Society, a Minnesota nonprofit corporation and an organization described in Section 501 (c)(3) of the Code (together with any parent, subsidiary, or other affiliate, the "Operator"). The Project will be owned by the Borrower and operated by the Operator in accordance with their charitable purposes. The Bonds will not be issued by the City. The Bonds will be issued by the Issuer as part of an issue in an aggregate amount not to exceed $50,000,000. All persons interested may appear and be heard at the time and place set forth above, or may submit written comments with the City Clerk prior to the date of the hearing set forth above. Dated: July IS, 2025. CITY OF EDINA, MINNESOTA By s/ Sharon Allison City Clerk Attest: Sharon Allison, City Clerk James B. Hovland, Mayor STATE OF MINNESOTA ) COUNTY OF HENNEPIN) SS CITY OF EDINA CERTIFICATE OF CITY CLERK I, the undersigned duly appointed and acting City Clerk for the City of Edina do hereby certify that the attached and foregoing Resolution was duly adopted by the Edina City Council at its Regular- Meeting of July 15, 2025, and as recorded in the Minutes of said Regular Meeting. WITNESS my hand and seal of said City this day of , 2025. Sharon Allison, City Clerk The motion for adoption of the foregoing resolution was duly seconded by Councilmember , and upon vote being taken thereon the following voted in favor thereof: and the following voted against the same: whereupon said resolution was declared duly passed and adopted.