Issuance of Revenue

Notice is hereby given that the City Council of the City of Forest Lake, Minnesota (the City) will meet at the City Hall, 220 Lake Street North, in the City, at 7:00 p.m. on Monday, November 18, 2013 to consider the proposal of LILA 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 (the Bonds).
The project consists of (a) refinancing the outstanding principal amount of the City of Pine City, Minnesota $7,775,000 Lease Revenue Bonds (Lakes International Language Academy Project), Series 2006A, the proceeds of which were used, in part, to finance the acquisition, construction and equipping of an approximately 68,000 square foot kindergarten through grade six education facility located immediately south of 11th Avenue Southeast between 2nd and 3rd Street, in the City, (b) the acquisition, renovation and equipping of an approximately 9,500 square foot existing office building located at 121 11th Avenue Southeast in the City in which a portion will be used to construct a prekindergarten education facility and a portion will be used for educational services and office space, and (c) the acquisition, construction, and equipping of an approximately 40,000 square foot grade four through grade six education facility to be located west of Fenway Avenue and south of Highway 97 where Headwaters Boulevard intersects with Fenway Avenue in the City (collectively, the Project).
The Project will be owned by the Borrower and leased to and operated by Lakes International Language Academy, a Minnesota non-profit corporation formed as a public (charter) school pursuant to Minnesota Statutes, Section 124D.10.
The maximum estimated principal amount of the Bonds to be issued to finance the Project is $19,000,000.
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 copy of the 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 the City Hall.
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
Forest Lake Times
October 31, 2013

Comments Closed