Otsego

NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR THE ISSUANCE OF CHARTER SCHOOL LEASE REVENUE BONDS FOR THE KALEIDOSCOPE CHARTER SCHOOL PROJECT
Notice is hereby given that the City Council of the City of Otsego, Minnesota (the City) will meet at Otsego Prairie Center located at 8899 Nashua Avenue N.E., Otsego, Minnesota, at 7:00 p.m. on Monday, July 28, 2014, to consider the proposal of KCS Building Company, a Minnesota nonprofit corporation having federal income tax-exempt 501(c)(3) status (the Borrower), that the City assist in financing a project hereinafter described pursuant to Minnesota Statutes, Sections 469.152 to 469.1655, by the issuance of revenue bonds, in one or more series (the Bonds).
The project consists of (a) refinancing the outstanding principal amount of the City of Falcon Heights, Minnesota $8,110,000 Lease Revenue Bonds (Kaleidoscope Charter School Project), Series 2007A, the proceeds of which were used, in part, to finance the acquisition, construction and equipping of an approximately 42,700 square foot kindergarten through grade eight education facility located at 7525 Kalland Avenue N.E. in the City, and (b) the acquisition, construction, and equipping of an approximately 29,000 square foot grade nine through grade twelve addition to the existing education facility, consisting of a one-story building with nine classrooms, special education, administration offices, serving kitchen and cafeteria, to be located in the City (collectively, the Project).
The Project will be owned by the Borrower and leased to and operated by Kaleidoscope Charter School, a Minnesota non-profit corporation formed as a public (charter) school pursuant to Minnesota Statutes, Section 124D.10.
The estimated maximum principal amount of the Bonds to be issued to finance the Project is $17,500,000.
The Bonds, if and when issued, will not constitute a charge, lien or encumbrance upon any property of the City, except the Project, and such obligations will not be a charge against the general credit or taxing powers of the City 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 Minnesota Department of Employment and Economic Development for approval of the Project, together with all attachments and exhibits thereto, is available for public inspection, during normal business hours, Monday through Friday, in the office of the Administrator in City Hall, 13400 90th Street N.E., in the City.
At the time and place fixed for the Public Hearing, the City Council will give all persons who appear at the hearing an opportunity to express their views with respect to the proposal. Written comments will be considered if submitted at the above City office on or before the date of the hearing.
Published in the
Star News
July 12, 2014
247281

Comments Closed

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