Reference No. CR-006-2017    Draft No. 1
Type: Resolution Status: Adopted
Meeting Body County Council
Meeting Date 3/7/2017
Introduced Date 2/7/2017 Public Hearing Date
Effective date: 3/10/2017    
Title: A RESOLUTION CONCERNING ECONOMIC DEVELOPMENT REVENUE BONDS for the purpose of issuing economic development revenue bonds in an aggregate principal amount not to exceed seventy million dollars ($70,000,000), and to loan the proceeds from the sale of such bonds to Collington Episcopal Life Care Community, Inc., a nonstock corporation organized under the laws of the State of Maryland for non-profit purposes, referred to as the “Facility Applicant.”
Proposers/Sponsors: County Executive, Karen R. Toles, Andrea C. Harrison, Mel Franklin
Attachments: 1. R2017006, 2. CR-6-2017 Report, 3. CR-6-2017 Transmittal, 4. 2/23/2017 PPT (PSFM)
Contact: Ronald Halper, Office of Finance

Title

A RESOLUTION CONCERNING ECONOMIC DEVELOPMENT REVENUE BONDS for the purpose of issuing economic development revenue bonds in an aggregate principal amount not to exceed seventy million dollars ($70,000,000), and to loan the proceeds from the sale of such bonds to Collington Episcopal Life Care Community, Inc., a nonstock corporation organized under the laws of the State of Maryland for non-profit purposes, referred to as the “Facility Applicant.” 

 

Background

This Resolution provides the authority to issue and sell up to $70,000,000 in economic development revenue bonds on behalf of Collington Episcopal Life Care Community, Inc., a not-for-profit corporation organized under the laws of the State of Maryland (the “Facility Applicant”).  The bonds are being issued under the Maryland Economic Development Revenue Bond Act, Sections 12-101 through 12-118.

 

Bond proceeds will be utilized by the Facility Applicant to refinance existing debt, and to fund capital improvements, a debt service reserve fund and costs of issuance.  The fiscal impact on the County for these bonds will be neutral.  Debt service is the sole responsibility of the Facility Applicant. 

 

The Facility Applicant operates a continuing care retirement community on a 125-acre campus located at 10450 Lottsford Road, Mitchellville, Prince George’s County, Maryland, providing three levels of care to approximately 475 residents.  The facility includes approximately 330 independent living units, a health center with approximately 65 assisted living beds and approximately 44 nursing beds (collectively, the “Facilities”).

 



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