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Home My WebLink About2010-091RESOLUTION NO. 2010 - 091 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER OCUNTY, FLORIDA APPROVING THE ISSUANCE BY THE PALM BEACH COUNTY HEALTH FACILITIES AUTHORITY OF ITS RETIREMENT COMMUNITIES REVENUE BONDS, SERIES 2010 (ACTS RETIREMENT -LIFE COMMUNITIES, INC. OBLIGATED GROUP), ONE OR MORES, IN AMOUNT NOT TO EXCEED $60,000,000, FOR THE PURPOSE OF FINANCING CERTAIN CAPITAL PROJECTS ON BEHALF OF ACTS RETIREMENT -LIFE COMMUNITIES, INC. WHEREAS, the Palm Beach County Health Facilities Authority (the "Authority") is considering the issuance of its Retirement Communities Revenue Bonds (ACTS Retirement -Life Communities, Inc. Obligated Group), in one or more series, in an aggregate principal amount not to exceed $60,000,000 (the "Bonds"); and WHEREAS, the Bonds are to be issued by the Authority for the purpose of providing funds to ACTS Retirement -Life Communities, Inc., a Pennsylvania nonprofit corporation (the "Corporation"), to finance certain capital projects with respect to facilities owned and operated by the Corporation, including facilities located within Indian River County (the "County"), all as more particularly described in Exhibit A hereto; and WHEREAS, the Authority proposes to finance projects at two facilities located in the County pursuant to a Third Amendment to an Interlocal Agreement authorized by Section 163.01(4), Florida Statutes, in substantially the form attached as Exhibit B hereto, amending and supplementing that certain Interlocal Agreement executed on November 27, 1996 (as heretofore amended and supplemented), between the Authority and the County; and WHEREAS, on the date hereof, the Board of County Commissioners has conducted a public hearing with respect to the issuance of the Bonds pursuant to the requirements of Section 147(f)(2)(A)(ii) of the Internal Revenue Code of 1986, as amended (the "Code"), notice of which was published in accordance with the provisions of the Code not later than 14 days prior to such hearing in a newspaper of general circulation within the County; and WHEREAS, the Board of County Commissioners of Indian River County, Florida desires to evidence its approval of the issuance of said Bonds solely to satisfy the requirements of the Code; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA; THAT 1. The Board of County Commissioners of Indian River County hereby approves the issuance of the Bonds solely for purposes of Section 147(f) of the Code. PHTRANS/ 928517.1 RESOLUTION NO. 2010- 091 2. The entry into the Third Amendment to an Interlocal Agreement substantially in the form presented to this meeting and attached hereto as Exhibit B is hereby approved. 3. This Resolution shall be effective immediately upon its adoption. ** ** ** ** ** ** ** The foregoing Resolution was offered by Commissioner Sol ari , who moved its adoption. The motion was seconded by Commissioner Wheel Brand upon being put to a vote, the vote was as follows: Chairman Peter O'Bryan Aye Vice Chairman Bob Solari Aye Commissioner Wesley S. Davis Aye Commissioner Joseph E. Flescher Aye Commissioner Gary C. Wheeler Aye The Chairperson thereupon declared the Resolution duly passed and adopted this 19 day of October, 2010. [SEAL] ATTEST: J.K. Barton, Clerk By Deputy Clerk TYCO ' INDIAN RIVER COUNTY FLORIDA , °GovN•••••••�ispY ITS BOARD OF COMMISSIONERS •.�026fArt— •,,• •. "+raru� arerrrr;� Peter D. O'Bryan, Chairman APPROVED AS TO FORM AND LEGAL SUFFICIENCY % By: //�� " c Melissa P. Anderson Assistant County Attorney 2 Exhibit A Project Description The financing or refinancing (including reimbursement) of the costs of acquisition, construction, equipping and improvement of existing and additional facilities at the ACTS properties, including the financing of some or all of the costs of issuance, the establishment of any reserve funds, and the potential funding of capitalized interest, as further described below. (1) St. Andrews Estates North Address: 6152 North Verde Trail, Boca Raton, FL 33433- 2430 Description of Existing Facility: 251 independent living units, central facilities and a 119 bed medical care facility. Projects to be Financed: Miscellaneous capital improvements and renovations and the acquisition of capital equipment, including, but not limited to, renovations and upgrades to residential living units, health care facilities and common areas, the acquisition of new plant equipment, and other facility enhancements. (2) St. Andrews Estates South Address: 6045 Verde Trail South, Boca Raton, FL 33433- 4476 Description of Existing Facility: 305 independent living units, central facilities and 40 assisted living units. Projects to be Financed: Miscellaneous capital improvements and renovations and the acquisition of capital equipment, including, but not limited to, renovations and upgrades to residential living units, health care facilities and common areas, the acquisition of new plant equipment, and other facility enhancements. (3) Edgewater Pointe Estates Address: 23315 Blue Water Circle, Boca Raton, FL 33433- 7053 PHTRANS/ 928517.1 Description of Existing Facility: Projects to be Financed: (4) Indian River Estates East (5) 344 independent living units, central facilities, 51 assisted living units and a 99 bed medical care facility. Miscellaneous capital improvements and renovations and the acquisition of capital equipment, including, but not limited to, renovations and upgrades to residential living units, health care facilities and common areas, the acquisition of new plant equipment, and other facility enhancements. Address: 2250 Indian Creek Blvd West, Vero Beach, FL 32966-1395 Description of Existing Facility: Projects to be Financed: Indian River Estates West 338 independent living units, central facilities, 70 assisted living units and a 100 bed medical care facility. Miscellaneous capital improvements and renovations and the acquisition of capital equipment, including, but not limited to, renovations and upgrades to residential living units, health care facilities and common areas, the acquisition of new plant equipment, the replacement and expansion of the existing skilled nursing facility with a new 95,066 square foot skilled nursing facility, and other facility enhancements. Address: 7730 Indian Oaks Drive, Vero Beach, FL 32966- 5178 Description of Existing Facility: 241 independent living units and central facilities. Projects to be Financed: Miscellaneous capital improvements and renovations and the acquisition of capital equipment, including, but not limited to, renovations and upgrades to residential living units and common areas, the acquisition of new plant equipment, and other facility enhancements. WHEREAS, PAID has represented to me that it has (1) conducted on October 13,2009 a public hearing on behalf of itself and the County of Montgomery held in accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), a summary of which has been submitted to me; (2) approved the Project on October 13,2009, at a meeting held in accordance with the provisions of the Pennsylvania Sunshine Law; and (3) determined that the Project conforms to the public purpose, eligibility and financial responsibility requirements of the Pennsylvania Economic Development Financing Law, Act of August 23, 1967, P.L. 251, as amended; and WHEREAS, pursuant to the requirements of Section 147(f) of the Code, notice of the public hearing delscribed above was duly published in newspapers of general circulation in the County at least fourteen days in advance thereof, copies of which notice (further describing the Project) are attached hereto a- Exhibit A and incorporated herewith, at which time reasonable opportunity to be heard was provided for all local residents with different views on the Project, and the underSigned has been informed by PAID of the substance of such hearing;