AGENDA DATE: 1/12/2022
TITLE:
Title
Approval of Westminster Canterbury of the Blue Ridge Request for Bond Issuance
BODY
SUBJECT/PROPOSAL/REQUEST: Approve by resolution the Economic Development Authority's issuing of bonds for Westminster Canterbury of the Blue Ridge Bond to refinance debt and pay for capital projects
ITEM TYPE: Consent Action Item
STAFF CONTACT(S): Richardson, Kamptner, DeLoria, Johnson
PRESENTER (S): Richard DeLoria; Anne Curtis Saunders, Esq., Counsel for Westminster Canterbury; Gary Selmeczi, President and CEO of Westminster-Canterbury of the Blue Ridge
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: Westminster-Canterbury of the Blue Ridge is a non-profit retirement community offering various services, such as independent and assisted living, and nursing and memory care. Westminster-Canterbury of the Blue Ridge is in the Pantops area of Albemarle County and is an accredited Type A Lifecare community. It focuses on improving the lives of its residents and, in the finding of the EDA, provides a public good. On December 14, 2021, the EDA held a public hearing in accordance with Virginia Code Sec. 15.2-4906 and voted to approve the bond issue request.
STRATEGIC PLAN: Thriving Development Areas - Attract quality employment, commercial, and high density residential uses into development areas by providing services and infrastructure that encourage redevelopment and private investment while protecting the quality of neighborhoods.
DISCUSSION: The Applicant requests the Board to approve the EDA issuing up to $73,000,000 of the Series 2022 Bonds:
1. to refinance the EDA's Residential Care Facility Mortgage Revenue Bonds (Westminster-Canterbury of the Blue Ridge), Series 2012A (the "2012A Bonds"), proceeds of which were used to finance (a) certain capital improvements at the Community and (b) a debt service reserve fund, capitalized interest, and costs of issuance in connection with the issuance of the 2012...
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