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Public Hearing - RE: Commissioner Keigher - County Manager - A Resolution Approving Issuance by the Public Finance Authority of its Revenue Bonds, in One or More Series, in the Principal Amount not to Exceed $60,000,000, for the Purpose of Financing and Refinancing Certain Projects for the Benefit of Covenant Village, Inc.
1. Receive Citizen Comment
2. Close Public Hearing
3. Accept Motion
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STAFF CONTACT
Justin Amos
BACKGROUND
The bonds related to this item ARE NOT the debt of Gaston County and the County is in no way liable for the repayment of them. Federal law (26 CFR 1.147(f)-1) requires the private, non-profit entity seeking the issuance of these bonds to obtain the approval of the local government whose jurisdiction the project lies within.
Covenant Village, Inc. is a continuing care retirement community in Gaston County. Covenant Village has requested that the Public Finance Authority, a national conduit issuer, issue its revenue bonds (the "Bonds") for the benefit of Covenant Village to assist with the (1) financing and refinancing, in part, certain capital improvements, consisting primarily of (i) the acquisition of approximately 22 acres of land located adjacent to the Borrower's existing facilities at 1351 Robinwood Road, Gastonia, North Carolina 28054, (ii) the construction, furnishing and equipping of 21 independent living apartments and 14 independent living cottages, (iii) the renovation of dining facilities, (iv) the construction a new pavilion and (v) the construction and renovation of road and parking improvements (collectively, the "New Money Project"), (2) refinancing the outstanding principal amount and accrued interest on a loan used to finance the acquisition of real property and refinancing of existing debt issued to finance the construction, renovation, furnishing and equipping of the health care center (collectively, the "Refinanced Projects" and together with the New Money Project, the "Projects"), and (3) paying certai...
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