Title:
TEFRA Hearing - Southminster, Inc., Retirement Community
Summary
ACTION:
(1) Open TEFRA public hearing and receive comments on the proposed financing by Southminster, Inc., a North Carolina nonprofit corporation, of improvements on its continuing care retirement facilities
(2) Close public hearing and adopt resolution entitled:
RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE COUNTY OF MECKLENBURG, NORTH CAROLINA, APPROVING THE ISSUANCE OF NOT TO EXCEED $150,000,000 OF TAX-EXEMPT BONDS TO BE ISSUED BY THE PUBLIC FINANCE AUTHORITY (THE “AUTHORITY”) TO FINANCE CERTAIN COSTS OF VARIOUS RETIREMENT FACILITIES PROJECTS FOR THE BENEFIT OF SOUTHMINSTER, INC.
Staff Contact: Tyrone C. Wade, County Attorney
Presentation: No
BACKGROUND/JUSTIFICATION:
As more fully explained in the attached Resolution, the proceeds from the sale of the Bonds will be loaned to Southminster, Inc., a North Carolina nonprofit corporation (the “Borrower”), and used to (a) pay, or reimburse the Borrower, for all or a portion of the costs of acquiring, improving, constructing and equipping independent living, assisted living and health care facilities at the Borrower’s continuing care retirement community known as Southminster, including, but not limited to, (i) constructing and equipping of two new “Terrace” buildings, which will include 66 independent living units, (ii) constructing and equipping of a five-level replacement health care center, which will initially include 60 nursing beds, 25 assisted living beds, new common areas for dining, library and events, new office and storage space, a kitchen expansion and underground parking, (iii) relocating and constructing a new loading dock for the facility and (iv) renovating the prior health care center to provide for 23 independent living units (collectively, the “Project”), (b) refund existing indebtedness of the Borrower, the proceeds of which were used to pay a portion of the costs of the Project, ...
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