Details for NOTICE OF PUBLIC HEARING

Updated

NOTICE OF PUBLIC HEARING BY THE NORTH CAROLINA MEDICAL CARE COMMISSION REGARDING THE FINANCING AND REFINANCING OF HEALTH CARE FACILITIES WITH THE PROCEEDS OF TAX-EXEMPT BONDS NOTICE IS HEREBY GIVEN to all interested persons that the North Carolina Medical Care Commission (the "Commission") has been requested to issue its health care facilities first mortgage revenue bonds in one or more series (the "Bonds") in an aggregate principal amount not exceeding $173,500,000 to make one or more loans to Lutheran Home Wilmington Property, Inc., Lutheran HomeWilmington, Inc., LSA Elms Property, Inc., LSA Elms at Tanglewood, Inc., Lutheran Home Winston-Salem Property, Inc., Lutheran Home Forsyth County Property, Inc., Lutheran HomeWinston-Salem, Inc., Lutheran HomeForsyth County, Inc., Lutheran Home Hickory West Property, Inc., Lutheran HomeHickory West, Inc., Lutheran Home Hickory, Inc., Lutheran Home Hickory Property, Inc., Lutheran HomeAlbemarle, Inc., Lutheran Home Albemarle Property, Inc., Lutheran Home at Trinity Oaks, Inc., Lutheran Home at Trinity Oaks Property, Inc., Lutheran Retirement CenterSalisbury, Inc., Lutheran Retirement Center at Lutheridge, Inc., Lutheran Retirement Center Clemmons, Inc., Lutheran Retirement Center- Wilmington, Inc., LSA Management, Inc., Lutheran Services Property, Inc., LSA Pharmacy, Inc. and Lutheran Services for the Aging, Inc., each a North Carolina nonprofit corporation, for the purpose of providing funds which, together with other available funds, will be applied to (a) finance all or a portion of the cost of (i) constructing, equipping and furnishing an independent living retirement community that will be known as Trinity Landing (the "Trinity Landing Project"), that will consist of a total of 184 residences in six two-story villa buildings with six units each, three three-story villa buildings with eight units each, and a three-story main building with 124 apartments, that will be owned and operated by Lutheran Retirement Center-Wilmington, Inc., and that will be constructed on a site of 50 acres that is located at 4915 Masonboro Loop Road, Wilmington, New Hanover County, North Carolina, (ii) renovating an existing assisted living and skilled nursing facility that is known as Trinity Place and constructing, equipping and furnishing a new wing to house 27 assisted living units at Trinity Place (the "Trinity Place Project"), that will be owned by Lutheran Home Albermarle Property, Inc. and operated by Lutheran Home-Albemarle, Inc., and that will be located at 24724 South Business 52, Albemarle, Stanly County, North Carolina, and (iii) renovating an existing assisted living and skilled nursing facility that is known as Trinity Oaks health and rehab (the "Trinity Oaks Project"), that will be owned by Lutheran Home at Trinity Oaks Property, Inc. and operated by Lutheran Home at Trinity Oaks, Inc., and that will be located at 820 Klumac Road, Salisbury, Rowan County, North Carolina; (b) refund the Commission's outstanding Health Care Facilities First Mortgage Revenue Refunding Bonds (Lutheran Services for the Aging), Series 2017 (the "Series 2017 Bonds"); (c) refinance an interim taxable loan that financed the acquisition of a 54-unit independent living facility known as Trinity Elms retirement, that will be owned and operated by Lutheran Retirement Center Clemmons, Inc., and that is located at 7543 Fair Oaks Drive, Clemmonsville Township, Forsyth County, North Carolina; (d) fund a portion of the interest accruing on a portion of the Bonds; (e) fund a debt service reserve fund for one or more series of Bonds, and (f) finance certain expenses incurred in connection with the issuance of the Bonds. The maximum principal amount of Bonds to be issued to finance the Trinity Landing Project is $110,000,000; the maximum principal amount of Bonds to be issued to finance the Trinity Place Project is $10,000,000; and the maximum principal amount of Bonds to be issued to finance the Trinity Oaks Project is $10,000,000. The Series 2017 Bonds were issued for the purpose of providing funds which, together with other available funds, were applied to (a) refund the Commission's outstanding (i) Health Care Facilities First Mortgage Revenue Bonds (Lutheran Services for the Aging), Series 2012B (the "Series 2012B Bonds") and (ii) Variable Rate Demand Health Care Facility Revenue Bonds (Lutheran Services for the Aging), Series 1998 (the "Series 1998 Bonds") and (b) finance certain expenses incurred in connection with the issuance of the Series 2017 Bonds. The Series 2012B Bonds were issued for the purpose of providing funds which, together with other available funds, were applied to (a) finance all or a portion of the cost of (i) constructing, equipping and furnishing a skilled nursing facility that is known as Trinity Ridge, that consists of 120 licensed beds, that is owned by Lutheran Home Hickory West Property, Inc. and operated by Lutheran HomeHickory West, Inc., and that is located at 2140 Medical Park Drive, Hickory Township, Catawba County, North Carolina, (ii) constructing, equipping and furnishing a skilled nursing facility that is known as Trinity Elms health and rehab, that consists of 100 licensed beds, that is owned by Lutheran Home Forsyth County Property, Inc. and operated by Lutheran HomeForsyth County, Inc., and that is located at 7449 Fair Oaks Drive, Clemmonsville Township, Forsyth County, North Carolina, (iii) constructing routine capital improvements and renovations to, and acquiring equipment and furnishings for use in, an existing assisted living and skilled nursing facility that is known as Trinity Village, that is owned by Lutheran Home Hickory Property, Inc. and operated by Lutheran HomeHickory, Inc., and that is located at 1265 21st Street, Hickory, Catawba County, North Carolina, (iv) constructing routine capital improvements and renovations to, acquiring equipment and furnishings for use in, and installing a sprinkler system throughout, Trinity Place, (v) constructing routine capital improvements and renovations to, and acquiring equipment and furnishings for use in, an existing assisted living facility that is known as Trinity Elms assisted living, that is owned by LSA Elms Property, Inc. and operated by LSA Elms at Tanglewood, Inc., and that is located at 3750 Harper Road, Clemmonsville Township, Forsyth County, North Carolina, (vi) constructing routine capital improvements and renovations to, and acquiring equipment and furnishings for use in, (A) Trinity Oaks health and rehab and (B) an existing retirement community that is known as Trinity Oaks retirement, that is owned and operated by Lutheran Retirement Center-Salisbury, Inc., and that is located at 728 Klumac Road, Salisbury, Rowan County, North Carolina, (vii) constructing routine capital improvements and renovations to, and acquiring equipment and furnishings for use in, an existing retirement community that is known as Trinity View, that is operated by Lutheran Retirement Center at Lutheridge, Inc., and that is located at 2533 Hendersonville Road, Arden, Buncombe County, North Carolina, (viii) constructing routine capital improvements and renovations to, and acquiring equipment and furnishings for use in, the existing corporate offices that are owned and operated by Lutheran Services for the Aging, Inc. and also operated by LSA Management, Inc. and Lutheran Services Property, Inc. at 1416 S. Martin Luther King, Jr. Avenue, and operated by LSA Pharmacy, Inc. at 320 Calhoun Street, Salisbury, Rowan County, North Carolina, (ix) acquiring equipment and furnishings for use in an existing skilled nursing facility that is known as Trinity Grove, that is owned by Lutheran Home Wilmington Property, Inc. and operated by Lutheran HomeWilmington, Inc., and that is located at 631 Junction Creek Drive (formerly 615 Piner Road), Wilmington, New Hanover County, North Carolina, and (x) acquiring equipment and furnishings for use in an existing nursing facility that is known as Trinity Glen, that is owned by Lutheran Home Winston-Salem Property, Inc. and operated by Lutheran HomeWinston-Salem, Inc., and that is located at 849 Waterworks Road, Winston-Salem, Forsyth County, North Carolina; and (b) finance certain expenses incurred in connection with the issuance of the Series 2012B Bonds. The Series 1998 Bonds were issued for the purpose of providing funds which, together with other available funds, were applied to (a) finance and refinance certain capital improvements at Trinity Village and Trinity Oaks retirement, (b) fund a portion of the interest on the Series 1998 Bonds and (c) finance certain expenses incurred in connection with the issuance of the Series 1998 Bonds. All references herein to number of stories, number of beds or units, and acreage are approximations. Please take notice that the Assistant Secretary of the Commission will hold a public hearing in Conference Room 26 at 809 Ruggles Drive, Raleigh, North Carolina, on February 10, 2020, at 10:00 A.M., at which time any person may be heard regarding the issuance of the Bonds. Any person wishing to comment in writing on the issuance of the Bonds should do so, within seven (7) days after the date of publication of this notice, to Mr. Geary W. Knapp, Assistant Secretary, North Carolina Medical Care Commission, 809 Ruggles Drive, 2701 Mail Service Center, Raleigh, North Carolina 27699-2701. NORTH CAROLINA MEDICAL CARE COMMISSION By:Geary W. Knapp, Assistant Secretary WSJ: January 31, 2020

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