NOTICE OF PUBLIC HEARING

ON THE ISSUANCE OF SENIOR LIVING REVENUE NOTES AND ADOPTION OF A HOUSING PROGRAM 

RELATED THERETO PURSUANT TO MINNESOTA 

STATUTES, CHAPTER 462C

NOTICE IS HEREBY GIVEN that a public hearing shall be conducted by the City Council of the City of Becker, Minnesota (the “City”) on a housing program (the “Program”) and the proposal that the City issue two tax-exempt senior living revenue notes, Senior Living Revenue Note, Series 2025A (Engel Haus Expansion Project) and Senior Living Refunding Revenue Note, Series 2025B (Engel Haus Expansion Project), in an aggregate principal amount not to exceed $40,000,000 (the “Notes”) on behalf of Engel Haus, LLC, a Minnesota limited liability company (the “Borrower”), pursuant to Minnesota Statutes, Chapter 462C, as amended (the “Act”).  

The Notes will be issued by the City at the request of Guardian Angels of Elk River, Inc., a Minnesota nonprofit corporation, on behalf of the Borrower.  The proceeds of the Notes will be loaned to the Borrower to provide financing for (i) the construction of an 86-unit independent living facility (the “Independent Living Facility”) to be located at 5103 Kassel Ave. NE in the City of Albertville, Minnesota, (ii) the improvement of the adjacent existing 63-unit assisted living community located at 5101 Kassel Ave. NE in the City of Albertville, Minnesota (the “Assisted Living Facility”; together with the Independent Living Facility, the “Facilities”); (iii) the refunding of the City of Otsego Refunding Revenue Bonds (Evans Park, Inc. Project), Series 2017A, the proceeds of which were used to finance or refinance the Assisted Living Facility; and (iv) the payment of costs of issuing the Notes. The Borrower will be the initial owner and operator of the Facilities.

The Notes or other obligations, as and when issued, will not constitute a charge, lien, or encumbrance upon any property of the City, except the revenues of the City derived from the Facilities pursuant to a loan agreement with the Borrower (the “Loan Agreement”).  Such Notes or obligations 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 the Loan Agreement.

The hearing will be held at City Hall, 12060 Sherburne Avenue in the City on Tuesday, November 18, 2025, at 5:00 P.M.  At said time and place the City Council shall give all parties who appear or submit written comments an opportunity to express their views with respect to the proposal.  Copies of the Program are available at the offices of the City.

The Facilities involve assistance for housing and, accordingly, the issuance of the Notes is not a business subsidy, within the meaning of Minnesota Statutes, Sections 116J.993 to 116J.995, as amended.

Dated: November 1, 2025.

City of Becker

/s/ Greg Lerud,

City Administrator

(Published in the Patriot: 11/01/25.)