NOTICE OF PUBLIC HEARING
The Philadelphia Authority for Industrial Development (the "Authority") will hold a public hearing on July 25, 2014, at 10:00 a.m. in the offices of the Philadelphia Industrial Development Corporation located at 1500 Market Street, 2600 Centre Square West Tower, Philadelphia, PA 19102-2126 to discuss the issuance of tax-exempt revenue bonds (the "Bonds") for the following project (the "Project"):
A. Initial Owners and Operators: Paul's Run and Artman Lutheran Home, both affiliates of Liberty Lutheran Services.
B. Maximum Amount of Bonds: $65,000,000.
C. Description of Project:
(1) The current refunding of the Authority's $43,285,000 Variable Rate Demand Revenue Bonds (Liberty Lutheran Services Project), Series of 2008 (the "2008 Bonds") which financed: (A) the current refunding of the Authority's $25,630,000 Health Care Facilities Revenue Bonds (Paul's Run Project) Series 1998A (which had financed or refinanced the acquisition, construction, renovation and equipping of, and other capital improvements to, the Paul's Run Retirement Community described below); (B) the current refunding of the Montgomery County Higher Education and Health Authority's $17,160,000 Variable Rate Demand Revenue Bonds (Liberty Lutheran Services Project) Series 2004 (which had financed or refinanced the acquisition, construction, renovation and equipping of, and other capital improvements to, the Paul's Run Retirement Community described below and the construction, renovation and equipping of, and other capital improvements to, the Artman Lutheran Home described below); (C) additional capital improvements to the Paul's Run Retirement Community and the Artman Lutheran Home; and (D) costs of issuance.
(2) Capital improvements and equipment acquisition for the Paul's Run Retirement Community including the design, furnishing, equipping and renovation of the skilled nursing units, personal care dining venues, main lobby and reception area.
(3) Capital improvements and equipment acquisition for the Artman Lutheran Home including the design, furnishing, equipping and renovation of the skilled nursing and personal care units, relocating and remodeling therapy and dining venues, a new campus-wide phone system, wireless resident and nursing call systems and other mechanical efficiency improvements.
(4) Costs of issuance of the Bonds.
Paul's Run Retirement Community is a continuing care retirement community with 257 independent living units, 62 personal care units and 120 skilled nursing beds located on an approximately 13.5 acre site at 9896 Bustleton Avenue, Philadelphia, PA 19115.
Artman Lutheran Home is a continuing care retirement community with 123 personal care units, 61 skilled nursing beds and a health and wellness center, located on an approximately 10.3 acre site at 250 North Bethlehem Pike, Ambler, PA 19002.
At the public hearing, any and all persons in attendance will be afforded an opportunity to comment on the proposed Project and the issuance by the Authority of its Bonds therefor.
This notice is published in accordance with, and the public hearing is held by and on behalf of the Authority as the issuer of the Bonds, the City of Philadelphia and the County of Montgomery, as required by the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder.
Philadelphia Authority
for Industrial Development
Ref# 0003159696-01
↧