Bethesda Lutheran Communities, Inc. is planning to sell up to $10 million in revenue bonds, a portion of which will impact two group homes in Coon Rapids.
The bonds will be issued by the Wisconsin Health and Educational Facilities Authority.
But Internal Revenue Service regulations required the Coon Rapids City Council to conduct a public hearing, even though the city is not involved in the issuance of the bonds.
No one appeared at the public hearing Oct. 1, nor was the council required to take any action.
“There is no obligation on the part of the city whatsoever,” said Finance Director Sharon Legg.
According to the information provided to the city, up to $1 million will be used by Bethesda Lutheran Communities for the acquisition, renovation, remodeling and equipping two group homes in Coon Rapids for people with intellectual and developmental disabilities as well as to help pay bond issuance expenses.
The residential group homes are located adjacent to each other on 109th Avenue.
According to its website, the mission of Bethesda Lutheran Communities mission is to “enhance the lives of people with intellectual and developmental disabilities through services that share the good news of Jesus Christ.”
Bethesda, which was founded in Watertown, Wis., in 1904, provides support services for people with intellectual and developmental disabilities, religious education programs, Lutheran church affiliation, international programs and resources to congregations and Christian schools.
The Wisconsin Health and Educational Facilities Authority, Brookfield, Wis., assists all eligible Wisconsin health care and educational institutions to obtain and maintain access to the broadest range of low cost, private capital market financing possible, according to its website.
Peter Bodley is at email@example.com