Notice Of Public Hearing On A Proposal For Host Approval Of The Issuance Revenue Bonds In City Of Apple Valley

Press release from the City of Apple Valley:

February 12, 2021

The City Council will meet at the City Hall at 7:00 P.M. on Thursday, February 25, 2021, to hear comments and consider giving host approval and consent to the issuance of revenue bonds, in order to finance the cost of a project located in the City.

NOTICE OF PUBLIC HEARING

ON A PROPOSAL FOR HOST APPROVAL OF THE ISSUANCE REVENUE BONDS (WFCS PORTFOLIO PROJECTS)

Notice is hereby given that the City Council of the City of Apple Valley, Minnesota (the "City") will meet at the City Hall, 7100 147th Street West, in the City, and/or by telephone or other electronic means, as allowed under Minnesota Statutes, Section 13D.021, at 7:00 P.M. on Thursday, February 25, 2021, to hear comments and consider giving host approval, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), and consent to the issuance by the Public Finance Authority (the "Issuer") of qualified 501(c)(3) educational facilities revenue bonds, as defined in Section 145 of the Code, in one or more series (the "Bonds"), in order to finance the cost of a project located in the City.

The Bonds are expected to be issued by the Issuer pursuant to Section 66.0304 of the Wisconsin Statutes, as amended, in a maximum amount not to exceed $200,000,000. The proceeds of the Bonds will be loaned to WFCS Holdings II, LLC (the "Borrower"), a Minnesota limited liability company, the sole member of which is Wonderful Foundations, an Oregon nonprofit corporation and an organization described in Section 501(c)(3) of the Code, and used to (1) acquire charter school facilities in multiple states, with the only charter school facility located in the City being the school site for FIT Academy Charter School, operated by FIT Academy, a Minnesota nonprofit corporation and an organization described in Section 501(c)(3) of the Code (the “Project”), for an amount not to exceed $15,000,000; (2) financing certain funds and accounts; and (3) paying certain costs of issuance. The Borrower will own the Project. The Project is located at 7200 147th Street West, Apple Valley, Minnesota.

The Bonds, as and when issued, will not constitute a charge, lien, or encumbrance upon any property of the City or the Issuer, except the Project and the revenues to be derived from the Project. The Bonds will not be a charge against the City's general credit or taxing powers but will be payable from sums to be paid by the Borrower pursuant to one or more revenue agreements.

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.

Due to the declaration of emergency because of the current COVID-19 pandemic, this public hearing may be conducted by electronic means. If you have questions or comments and wish to be heard you may present them in writing by mail addressed to the Community Development Department at the Municipal Center at 7100 147th Street West, Apple Valley, MN 55124, or email the Community Development Department at commdev@cityofapplevalley.org, or call and leave a message at (952) 953-2575, no later than noon on February 25, 2021. Please visit the City’s website at www.ci.apple-valley.mn.us for additional information on an opportunity to be heard at this meeting.

BY ORDER OF THE CITY COUNCIL OF THE CITY OF APPLE VALLEY, MINNESOTA

/s/ Pamela J. Gackstetter

Pamela J. Gackstetter, City Clerk

This press release was produced by the City of Apple Valley. The views expressed here are the author’s own.