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NOTICE OF PUBLIC HEARING BY THE MINNESOTA AGRICULTURAL AND ECONOMIC DEVELOPMENT BOARD ON PROPOSED PROJECTS AND THE ISSUANCE OF OBLIGATIONS UNDER MINNESOTA STATUTES, CHAPTER 41A AND SECTIONS 469.152 THROUGH 469.165 NOTICE IS GIVEN that the Minnesota Agricultural and Economic Development Board (the "Board") or its designated representative, will meet on Tuesday, July 1, 2014, at 9:00 a.m., or as soon thereafter as reasonably possible at 332 Minnesota Street, Suite E200, in St. Paul, Minnesota, for the purpose of conducting a public hearing on a proposed issue of revenue obligations (the "Obligations") in one or more series, whether taxable or tax exempt, under Minnesota Statutes, Chapter 41A and Sections 469.152 through 469.165, as amended (collectively, the "Act"), to undertake and finance a project on behalf of Essentia Health, a Minnesota nonprofit corporation and organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Borrower") and its affiliates. The Obligations are proposed to be issued pursuant to the authority granted under Section 41A.05, subdivision 2 and Section 469.153, subdivision 2(d) of the Act. The project consists of the following: (a) to refund in a current refunding the Board's outstanding Health Care Facilities Revenue Bonds (Essentia Health Obligated Group), Series 2011A, dated March 29, 2011, previously issued to finance: (i) land acquisition and constructing and equipping an approximately 3,920 square foot, one-story clinic/medical office building of St. Mary's Regional Health Center, d/b/a Essentia Health St. Mary's - Detroit Lakes, a Minnesota nonprofit corporation ("SMRHC"), located at 300 Main Avenue East, Frazee, Minnesota; (ii) land acquisition and constructing and equipping an approximately 44,000 square foot, two-story clinic/medical office building of Brainerd Lakes Integrated Health System, a Minnesota nonprofit corporation, located at 13060 Isle Drive, Baxter, Minnesota; (iii) refinancing outstanding indebtedness of SMRHC incurred to finance capital improvements to its 96-bed skilled nursing facility located at 1027 Washington Avenue, Detroit Lakes, Minnesota; and (iv) land acquisition and constructing an approximately 6,480 square foot, one-story clinic/medical office building for SMRHC located at 301 North Broadway, Pelican Rapids, Minnesota; (b) to finance capital expenditures to be incurred by Essentia Health Virginia, LLC, the sole member of which is SMDC Medical Center, to replace the chiller unit in the hospital, to be located at 901 Ninth Street North, Virginia, Minnesota; (c) to finance capital expenditures incurred and to be incurred by Brainerd Medical Center to renovate approximately 118,000 square-feet of the existing clinic space located at 2024 South Sixth Street, Brainerd, Minnesota; (d) to finance capital expenditures incurred and to be incurred by St. Joseph's Medical Center, a Minnesota nonprofit corporation, consisting of remodeling and equipping the existing clinic space located at 20918 County Road 1, Emily, Minnesota; (e) to finance capital expenditures incurred and to be incurred by SMRHC, consisting of expanding and remodeling the imaging area in the emergency room of its existing hospital facilities located at 1027 Washington Avenue, Detroit Lakes, Minnesota; and (f) to pay costs associated with the issuance of the bonds. The activity listed at (a) is referred to as the "Refinanced Project." The activities listed at (b) through (e) are referred to as the "2014 Project." The owner of the Refinanced Project and the 2014 Project (together, the "Projects") will be the Borrower or an affiliated entity of the Borrower, and the Projects are expected to be owned, operated and managed by the Borrower or an affiliated entity. The Projects will be used primarily for hospitals and medical clinics and related facilities. The estimated amount of the Obligations is an amount not to exceed $35,000,000. The Obligations will be limited obligations of the Board. The Obligations and the interest thereon will be payable solely from the revenue pledged to the payment thereof and other security arrangements to be established by or on behalf of the Borrower. Notwithstanding the foregoing, no holders of any of the Obligations will ever have the right to compel any exercise of the taxing powers of the State of Minnesota or any political subdivision thereof to pay the Obligations or the interest thereon or to enforce payment against any property of said State or any political subdivision thereof. A draft copy of the proposed Application to the Minnesota Department of Employment and Economic Development for approval of the Projects, together with all attachments and exhibits thereto and a copy of the Application to the Board for approval of the Projects, together with all attachments and exhibits thereto and a copy of the Board's resolution accepting the Application and accepting the Projects is available for public inspection at the offices of the Board at 1st National Banking Building, Suite E200, 332 Minnesota Street, in St. Paul, Minnesota, during normal business hours. All persons interested may appear and be heard at the time and place set forth above or may mail written comments to the Executive Director at the address set forth above prior to the date of the hearing set forth above. This Notice of Public Hearing is being given pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended and Minnesota Statutes, Section 469.154, subdivision 4. R-June 8………….....................................................................................1937576

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