McKenna Crossing wants to add 72 senior units; Prior Lake hearing is Tuesday
Shepherd’s Path Senior Housing, an affiliate of Presbyterian Homes, wants to add 72 independent living units to McKenna Crossing at 13810 Shepherds Path NW, and the financing goes to a public hearing at the Prior Lake City Council on Tuesday, Sept. 22, according to the council’s agenda packet.
The nonprofit is asking Prior Lake for host approval so the City of Mayer can issue tax-exempt senior housing revenue notes of up to $30 million to pay for the construction, improvement and equipping of the expansion. Federal and state law require the city where a project sits to approve another city issuing bonds for it, and the two cities would sign a joint powers agreement, the staff report says.
The report says the city expects no financial impact. Shepherd’s Path has agreed to pay any costs Prior Lake incurs, whether or not the notes are issued, and the notes would be payable only from what Shepherd’s Path pays Mayer under the loan agreements, never from the credit or taxing powers of either city. Prior Lake will not issue the bonds itself and will not collect an issuer fee.
Mayer is scheduled to take up the notes on Sept. 28, and issuance is expected in the fourth quarter of 2026.
What's next: The public hearing is at the City Council meeting Tuesday, Sept. 22. Mayer takes up the notes Sept. 28, and issuance is expected in the fourth quarter of 2026.