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MINNESOTA HEALTH AND EDUCATION FACILITIES AUTHORITY NOTICE OF PUBLIC HEARING ON ISSUANCE OF REVENUE OBLIGATIONS – Integrated Senior Foundation (ISF)

August 28, 2026

MINNESOTA HEALTH AND EDUCATION FACILITIES AUTHORITY

NOTICE OF PUBLIC HEARING ON ISSUANCE OF REVENUE OBLIGATIONS

NOTICE IS HEREBY GIVEN that a public hearing will be held by the Minnesota Health and Education Facilities Authority (the “Authority”) with respect to a proposal to issue revenue bonds or other obligations under a plan of financing on behalf of ISF Delano LLC, ISF Marshall LLC, ISF Farmington LLC, ISF Mound LLC, ISF Edina LLC, ISF Brooklyn Park LLC, ISF Carver LLC, ISF East Bethel LLC, ISF Zimmerman LLC, ISF Apple Valley LLC, ISF Minneapolis LLC, and ISF Shakopee LLC, all to-be-formed Minnesota limited liability companies (the “Owners”), the sole member of each of which will be ISF Minnesota Holdings LLC, a to-be-formed Minnesota limited liability company, the sole member of which will be Integrated Senior Foundation, a California nonprofit public benefit corporation (collectively with the Owners, the “Obligated Group”), on September 9, 2026, at 2:00 p.m., at the Authority’s office, 860 Blue Gentian Road, Suite 145, Eagan, Minnesota.

Under the proposal, the Authority would issue its revenue bonds or other obligations, in one or more series, in an original principal amount of up to approximately $370,000,000 (the “Obligations”) to (i) finance the acquisition, improvement, renovation, equipping, and furnishing, as applicable, of the following facilities (collectively, the “Facilities”):

  • approximately $14,235,000 for assisted living facilities located at 1350 St Peter Ave E, Delano, MN, known as Legacy of Delano, consisting of 51 units, to be owned and operated by ISF Delano LLC;
  • approximately $18,600,000 for assisted living facilities located at 207 North 4th Street, Marshall, MN, known as Heritage Pointe, consisting of 58 units, to be owned and operated by ISF Marshall LLC;
  • approximately $38,325,000 for assisted living facilities located at 22300 Denmark Ave, Farmington, MN, known as Legacy of Farmington, consisting of 70 units, to be owned and operated by ISF Farmington LLC;
  • approximately $26,815,000 for assisted living facilities located at 1861 Commerce Blvd, Mound, MN, known as Harrison Bay Senior Living, consisting of 72 units, to be owned and operated by ISF Mound LLC;
  • approximately $44,655,000 for assisted living facilities located at 7141 York Ave S, Edina, MN, known as Yorkshire of Edina, consisting of 96 units, to be owned and operated by ISF Edina LLC;
  • approximately $40,570,000 for assisted living facilities located at 5601 94th Ave N, Brooklyn Park, MN, known as Urbana Place Senior Living, consisting of 103 units, to be owned and operated by ISF Brooklyn Park LLC;
  • approximately $36,130,000 for assisted living facilities located at 920 6th St W, Carver, MN, known as Carver Ridge, consisting of 70 units, to be owned and operated by ISF Carver LLC;
  • approximately $34,130,000 for assisted living facilities located at 19131 Taylor St NE, East Bethel, MN, known as Cedar Creek Senior Living, consisting of 70 units, to be owned and operated by ISF East Bethel LLC;
  • approximately $25,050,000 for assisted living facilities located at 26369 2nd St E, Zimmerman, MN, known as Fremont Village Senior Living, consisting of 65 units, to be owned and operated by ISF Zimmerman LLC;
  • approximately $28,930,000 for assisted living facilities located at 5399 155th St W, Apple Valley, MN, known as Boden Senior Living Apple Valley, consisting of 64 units, to be owned and operated by ISF Apple Valley LLC;
  • approximately $22,285,000 for assisted living facilities located at 3733 23rd Ave S, Minneapolis, MN, known as Minnehaha Senior Living, consisting of 77 units, to be owned and operated by ISF Minneapolis, LLC;
  • approximately $40,250,000 for assisted living facilities located at 1880 Independence Dr, Shakopee, MN, known as All Saints Senior Living, consisting of 84 units, to be owned and operated by ISF Shakopee LLC;

(ii) fund interest on the Obligations during any renovation and construction of the Facilities, if necessary; (iii) fund one or more reserve funds to secure the timely payment of the Obligations, if necessary; (iv) fund working capital; and (v) pay the costs of issuing the Obligations (collectively, the “Project”).

All the Facilities are or will be owned and operated by the Owners, the sole member of each of which will be ISF Minnesota Holdings LLC, a to-be-formed Minnesota limited liability company, the sole member of which will be Integrated Senior Foundation, a California nonprofit public benefit corporation and organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”).

The Obligations will all be issued under Minnesota Statutes, Sections 15D.01 through 15D.18, and any tax-exempt Obligations will be “qualified 501(c)(3) bonds” under the Code.

The Obligations and the interest thereon will be limited obligations of the Authority. The Obligations and the interest thereon will be payable solely from the revenue pledged to the payment thereof and other forms of security to be provided by or on behalf of the Obligated Group. 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 the State of Minnesota or any political subdivision thereof.

Members of the public may attend the hearing in person at the Authority’s offices or by telephone or other electronic means, in accordance with Minnesota Statutes, Section 13D.015, by calling toll-free 1-877-978-6969; Access Code 796-778-378# or by video at https://www.gomeet.com/796-778-378 (requires Google Chrome for best performance). Some members of the Authority may participate by telephone or other remote means.

Written comments may be sent by regular mail to the attention of the Operations Manager at the offices of the Authority at 860 Blue Gentian Road, Suite 145, Eagan, Minnesota 55121, emailed to [email protected], or sent by facsimile to (651) 297-5751.  Anyone requiring an accommodation consistent with the Americans with Disabilities Act should contact the Authority at (651) 296-4690 at least 48 hours in advance of the hearing to arrange for any necessary accommodations.

For additional information on such public hearing, see the Notice of Public Hearing – Integrated Senior Foundation, on the Authority’s website:  mnhefa.org – Recent News.

At said time and place the Authority shall give all parties who appear or have submitted written comments an opportunity to express their views with respect to the proposal to issue Obligations to finance the Project.

Dated:  August 28, 2026

By Order of the

Minnesota Health and Education Facilities Authority

Barry W. Fick

Executive Director