Subject:
Title
Tax Equity Fiscal Responsibility Act Resolution for the issuance by the Palm Beach County Health Facilities Authority of its Retirement Communities Revenue Bonds in an aggregate principal amount not to exceed $70,000,000.00 on behalf of ACTS Retirement-Life Communities, Inc, a Pennsylvania not-for-profit corporation for a project to be located in Dunedin, Florida.
label
Recommended Action:
Recommended Action
Conduct a public hearing and consider the adoption of a Tax Equity Fiscal Responsibility Act (TEFRA) Resolution authorizing TEFRA approval of the Palm Beach County Health Facilities Authority Retirement Communities Revenue Bonds (ACTS Retirement-Life Communities, Inc. Obligated Group Project) in one or more series of tax-exempt qualified 501(c)(3) bonds (the Bonds) in an aggregate principal amount not to exceed $70,000,000.00 on behalf of ACTS Retirement-Life Communities, Inc. (the Corporation), a Pennsylvania not-for-profit corporation for a project to be located in Dunedin, Florida.
The Corporation is requesting the issuance of the Bonds for the purpose of:
a.) Current refunding, refinancing, and/or restructuring of all or a portion of one or more lines of credit.
b.) Current refunding of, refinancing, and/or restricting of all or a portion of the Pinellas County Health Facilities Authority Health Care Facilities Refunding and Revenue Bonds (Mease Life, Inc. Project), Series 2021.
c.) Financing or refinancing (including through reimbursement) the costs of the acquisition, construction, equipping, and improvement of existing and additional facilities at the properties of the Corporation; and
d.) Financing of the costs of issuance, the potential establishment of any reserve fund, and the potential funding of capitalized interest (collectively, the Project).
This item has no fiscal impact on the County and does not pledge the County’s credit. The Corporation is responsible for payments of all fees and expenses.
Body
Strategic Plan:
Foster Continual Economic Growth and Vitality
4.1 Proactively attract and retain businesses with targeted jobs to the county and the region
Summary:
Summary
The Corporation has requested the issuance of a not-to-exceed $70,000,000 Palm Beach County Health Facilities Authority Retirement Communities Revenue Bonds (ACTS Retirement-Life Communities, Inc. Project) for the purpose of the financing and refinancing, including through reimbursement, of the Corporation 's facilities which include the (i) acquisition, construction, equipping and improvement of existing and additional facilities, consisting of 184 independent living unit, central facilities, 92 assisted living units, 32 memory care unites and a 62 bed medical care facility, located at 700 Mease Plaza, Dunedin, Pinellas County, Florida (the Facilities), and (ii) to pay certain expenses incurred in connection with the issuance of the Bonds, all as permitted under the Act (collectively, the Project).Body
Background Information:
Providing for this financing will allow Palm Beach County Health Facilities Authority to issue the debt on behalf of the Corporation to finance the Project.
Fiscal Impact:
No fiscal impact on the County. The Corporation is responsible for payments of all fees and expenses.
Staff Member Responsible:
Chris Rose, Director, Office of Management & Budget
Jim Abernathy, Operating Budget Manager, Office of Management & Budget
Partners:
Palm Beach County Health Facilities Authority
ACTS Retirement-Life Communities, Inc. (the "Corporation")
Attachments:
TEFRA Resolution
HFA Approving Resolution
HFA Interlocal Agreement
Affidavit of Publication