NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR ISSUANCE OF EDUCATIONAL FACILITIES REVENUE NOTES FOR THE CROSSLAKE COMMUNITY SCHOOL PROJECT
Notice is hereby given that a public hearing shall be conducted by the City Council of the City of Crosslake (the “Issuer”) on Monday, November 13, 2017 at 7:00 P.M. at the City Hall located at 37028 County Road 66, Crosslake, Minnesota, to consider the proposal of Lakes Area Kids Enrichment Foundation, a Minnesota nonprofit corporation (the “Borrower”), that the Issuer assist in the acquisition, construction, and equipping of an approximately 36,160 square-foot, grades Kindergarten through 12 public (charter) school facility that will leased to the Crosslake Community School, a Minnesota nonprofit corporation (the “School”), by the Borrower, to be located on approximately 10 acres at 35808 County Road 66, in the City of Crosslake, Minnesota (the “Project”), and certain other costs related to the Project, by the issuance of a revenue note or other obligation in an amount not to exceed $8,200,000 pursuant to Minnesota Statutes, Sections 469.152 to 469.165, as amended. The Project will be owned and operated by the Borrower and leased to and operated by the School.
The notes or other obligations, as and when issued, will not constitute a charge, lien or encumbrance upon any property of the Issuer, except the Project and the revenues to be derived from the Project. Such notes or obligations will not be a charge against the Issuer’s general credit or taxing powers, but will be payable from sums to be paid by the Borrower pursuant to a revenue agreement.
A draft copy of the proposed application to the Commissioner of the Department of Employment and Economic Development, State of Minnesota, for approval of the Project, together with all attachments and exhibits thereto, is available for public inspection during normal business hours, Monday through Friday, at the City Hall in the City of Crosslake.
At the time and place fixed for the public hearing, the Issuer 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.
Published in Northland Press Tuesday, October 17, 2017