• PHILADELPHIA AUTHORITY FOR IN...

PHILADELPHIA AUTHORITY FOR
INDUSTRIAL DEVELOPMENT
NOTICE OF JOINT PUBLIC HEARING

NOTICE IS HEREBY GIVEN that the Philadelphia Authority for Industrial Development (the "Authority") will hold a public hearing on Tuesday, June 20, 2017, at 10:00 a.m. at the offices of the Philadelphia Industrial Development Corporation, located at 1500 Market Street, Suite 2600 West, Philadelphia, Pennsylvania 19102, in connection with a proposed plan of financing involving the issuance by the Authority of tax-exempt and taxable revenue bonds (collectively, the "Bonds") in one or more series on one or more dates for the following project (the "Project"):
A. Maximum Amount of Issue: $140,000,000.
B. Initial Owners: Evangelical Services for the Aging (d/b/a Wesley Enhanced Living) and its corporate affiliates, including Evangelical Manor, Stapeley Hall, The New Heritage Towers, Maple Village and Martins Run (collectively, the "Applicant").
C. Description of Project to be Financed: The Project consists of: (a) the refunding of the following series of outstanding revenue bonds (collectively the "Refunded Bonds"): (i) the Revenue Refunding Bonds (Stapeley in Germantown Project), Series 2005A, B, and C, issued by the Authority in the original aggregate principal amount of $13,640,000; (ii) the Variable Rate Demand Revenue Bonds (Evangelical Manor Project), Series 2008, issued by the Authority in the original aggregate principal amount of $20,000,000; (iii) the Revenue Bonds (Stapeley Hall -- Wesley Enhanced Living Obligated Group), Series 2011, issued by the Authority in the original aggregate principal amount of $9,815,000; (iv) the Retirement Communities Variable Rate Demand Revenue Bonds (Wesley Enhanced Living Obligated Group), Series 2005A and Series 2005B, issued by The Borough of Langhorne Manor Higher Education and Health Authority in the original aggregate principal amount of $36,420,000; and (v) the Economic Development Revenue Note (Martins Run Project, Series of 2009), issued by the Delaware County Industrial Development Authority in the original aggregate principal amount of $7,000,000; (b) the refinancing of a term loan issued by a commercial bank for the benefit of Stapeley Hall in 2011 in the original principal amount of $8,710,000 (the "2011 Stapeley Term Loan"); (c) the financing of capital projects of the Applicant more particularly described below; (d) the funding of certain resident refunds, accounts payable, interest rate swap termination payments and other working capital obligations of the Applicant; (e) the funding of a debt service reserve fund, if any, for the Bonds; and (f) the payment of some or all of the costs of issuance of the Bonds. The projects financed or refinanced by the Refunded Bonds and the 2011 Stapeley Term Loan included costs of the acquisition, construction, equipping and improvement of existing and additional facilities at each of the continuing care retirement communities and other facilities owned and operated by the Applicant as described below (collectively, the "Communities"). The new capital projects to be financed by the proceeds of the Bonds consist generally of capital improvements and renovations and the acquisition of capital equipment, including, but not limited to, renovations and upgrades to existing independent living and personal care units, existing health care facilities and common areas, the acquisition of new plant equipment and furnishings, and other facility enhancements at each of the Communities.
D. Locations of Financed Facilities: The facilities being financed or refinanced by the Bonds (collectively, the "Financed Facilities") are located at the Communities as follows: (1) Wesley Enhanced Living Pennypack Park (owned by Evangelical Manor), located at 8401 Roosevelt Boulevard, Philadelphia, Pennsylvania 19152; (2) Wesley Enhanced Living at Stapeley (owned by Stapeley Hall), located at 6300 Greene Street, Philadelphia, Pennsylvania 19144; (3) Wesley Enhanced Living Doylestown (owned by The New Heritage Towers), located at 200 Veterans Lane, Doylestown, Pennsylvania 18901; (4) Wesley Enhanced Living Upper Moreland (owned by Maple Village), located at 2815 Byberry Road, Hatboro, Pennsylvania 19040; and (5) Wesley Enhanced Living Main Line (owned by Martins Run), located at 100 Halcyon Drive, Media, Pennsylvania 19063.
The public is invited to attend the hearing at the address set forth above. At the public hearing, any and all persons in attendance will be afforded the opportunity to comment on the proposed Project and the issuance of the Bonds by the Authority. The public hearing is held by the Authority as the issuer of the Bonds and jointly on behalf of the City of Philadelphia, Pennsylvania, on behalf of which the Authority is issuing the Bonds and in which a portion of the Financed Facilities are located, and the Counties of Montgomery, Bucks and Delaware, Pennsylvania, as the governmental units in which portions of the Financed Facilities are located, all as required by the Internal Revenue Code of 1986, as amended. If you need an accommodation due to disability and want to attend the meeting, please call (215) 496-8020 at least 48 hours in advance so arrangements can be made.



Ref# 0003320094-01
PostedJune 05, 2017