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NOTICE OF PUBLIC HEARING TO BE HELD BY THE CITY OF VIRGINIA BEACH DEVELOPMENT AUTHORITY

The Virginian-Pilot
Inside Business

NOTICE OF PUBLIC HEARING TO BE HELD BY THE CITY OF VIRGINIA BEACH DEVELOPMENT AUTHORITY ON THE ISSUANCE OF UP TO $85,000,000 OF ITS REVENUE BONDS FOR THE BENEFIT OF WESTMINSTER-CANTERBURY ON CHESAPEAKE BAY Notice is hereby given that the City of Virginia Beach Development Authority (the "Authority") whose address is 4525 Main Street, Suite 700, Virginia Beach, Virginia 23462, will hold a public hearing on the application and plan of financing of Westminster-Canterbury on Chesapeake Bay ("Westminster-Canterbury"), whose principal place of business is 3100 Shore Drive, Virginia Beach, Virginia 23451, requesting the Authority issue up to $85,000,000 of its revenue bonds (the "Bonds"), in one or more series at one time or from time to time, the proceeds of which will be loaned to Westminster-Canterbury to: (1) refund all or a portion of the outstanding principal amount of the Authority's Residential Care Facility Revenue and Refunding Bond (Westminster-Canterbury of Hampton Roads, Inc.), Series 2015 (the "Series 2015 Bond"), which (a) financed certain capital improvements at a continuing care retirement community (the "Community") owned by Westminster-Canterbury and located at 3100 Shore Drive, Virginia Beach, Virginia 23451, including, but not limited to the (i) completion and equipping of the unfinished space on the fourth floor of Westminster-Canterbury's existing four-story healthcare center (the "Hoy Center") to add additional finished space, (ii) the renovation, improvement and equipping of the existing finished space in the Hoy Center, which upon completion will continue to be a nursing healthcare facility, (iii) the construction, renovation, improvement and equipping of an expansion of Westminster-Canterbury's Wellness Center, which is located on the first floor of the Community's West Tower and (iv) the financing of the costs of routine and ongoing capital expenditures for the Community; (b) refinanced bonds of the Authority that were previously issued to finance or refinance improvements at the Community; and (c) financed costs of issuance incurred in connection with the refunding of the previously issued bonds and the issuance of the Series 2015 Bond; (2) finance and refinance costs associated with the projects referenced under (1)(a) above; and (3) finance, if and as needed, capitalized interest on the Bonds, a debt service reserve fund for the Bonds, costs of issuance related to the issuance of the Bonds, working capital, routine capital expenditures at the Community and other related costs, including information technology infrastructure, technology improvements, equipment related to the foregoing two items, window replacement and repair, apartment renovations and improvements, upgrades and replacement of existing equipment and other capital outlays related to the existing Community. The issuance of the Bonds as requested by Westminster-Canterbury will not constitute a debt or pledge of the faith and credit of the Commonwealth of Virginia, the Authority or the City of Virginia Beach, Virginia, but will be payable solely from revenues derived from Westminster-Canterbury and pledged therefor and neither the faith and credit nor the taxing power of the Commonwealth of Virginia or any political subdivisions, including the Authority or the City of Virginia Beach, Virginia, is pledged to the payment of the Bonds. The Authority has no taxing power. The public hearing, which may be continued or adjourned, will be held at 8:30 a.m. on Tuesday, June 19, 2018, before the Authority and in the Authority's offices located at 4525 Main Street, Suite 700, Virginia Beach, Virginia 23462. Any person interested in the issuance of the Bonds or the plan of finance may appear at the hearing and present his or her views. A copy of Westminster-Canterbury's application may be inspected at the Authority's office at the address stated above during business hours. CITY OF VIRGINIA BEACH DEVELOPMENT AUTHORITY VP 25672639A

Appeared in: The Virginian-Pilot

Published: The Virginian-Pilot - 06/05/2018, 06/12/2018