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Notice of Public Hearing on Revenue Obligations on Behalf of KingsPath Target Housing of Minnesota, LLC

March 11, 2026

MINNESOTA HEALTH AND EDUCATION FACILITIES AUTHORITY

Notice of Public Hearing on Revenue Obligations

on Behalf of KingsPath Target Housing of Minnesota, LLC

 

NOTICE IS HEREBY GIVEN that a public hearing will be held by the Minnesota Health and Education Facilities Authority (the “Authority”) with respect to the proposal to issue revenue bonds or other obligations on behalf of KingsPath Target Housing of Minnesota, LLC, Target Properties of Brooklyn Park, LLC, Target Properties of Burnsville, LLC, Target Properties of Crystal, LLC, Target Properties of Lakeville, LLC, Target Properties of Maple Grove, LLC, Target Properties of Ramsey, LLC, and Target Properties of West St. Paul, LLC (collectively, the “Obligated Group”) in the lower level Conference Room of the Authority’s offices at 860 Blue Gentian Road, Suite 145, Eagan, Minnesota on Wednesday, March 18, 2026, at 2:00 p.m.  Under the proposal, the Authority would issue its revenue bonds or other obligations, in one or more series, whether taxable or tax-exempt, in a maximum aggregate original principal amount not to exceed $140,000,000 (the “Obligations”) to finance the costs to acquire the following facilities:

  • up to $20,000,000 for assisted living facilities located at 8500 Regent Avenue North, Brooklyn Park, Hennepin County, Minnesota 55443, to be owned by Target Properties of Brooklyn Park, LLC;
  • up to $20,000,000 for assisted living facilities located at 1880 East 134th Street East, Burnsville, Dakota County, Minnesota 55337 to be owned by Target Properties of Burnsville, LLC;
  • up to $20,000,000 for assisted living facilities located at 3501 Douglas Drive North, Crystal, Minnesota 55422 to be owned by Target Properties of Crystal, LLC;
  • up to $20,000,000 for assisted living facilities located at 20949 Keokuk Avenue, Lakeville, Minnesota 55044 to be owned by Target Properties of Lakeville, LLC;
  • up to $20,000,000 for assisted living facilities located at 7010 Alvarado Ln. N., Maple Grove, Hennepin County, Minnesota 55311 to be owned by Target Properties of Maple Grove, LLC;
  • up to $20,000,000 for assisted living facilities located at 7007 139th Ln., Ramsey, Anoka County, Minnesota 55303 to be owned by Target Properties of Ramsey, LLC; and
  • up to $20,000,000 for assisted living facilities located at 938 S. Robert St., West Saint Paul, Dakota County, Minnesota 55118 to be owned by Target Properties of West St. Paul, LLC

(together, the “Projects”).  The sole member, directly or indirectly, of each member of the Obligated Group is KingsPath Senior Ministries Inc., a Minnesota nonprofit corporation and an 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 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 also attend by telephone or other electronic means in accordance with Minnesota Statutes, Section 13D.015. Members of the public may attend the hearing in person in the lower level Conference Room of the Authority’s offices at 860 Blue Gentian Road, Eagan, Minnesota, or by telephone by calling toll-free 1-877-978-6969; Access Code 867-271-940# or by video at https://www.gomeet.com/867-271-940 (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 – KingsPath Target Housing of Minnesota, LLC, on the Authority’s website: mnhefa.org – Recent News.

By Order of the

Minnesota Health and Education Facilities Authority

Barry W. Fick, Executive Director