Reference No. CR-039-2025    Draft No. 1
Type: Resolution Status: introduction and referral
Meeting Body County Council
Meeting Date 4/1/2025
Introduced Date Public Hearing Date
Effective date:    
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 Seven Million Five Hundred Thousand Dollars ($7,500,000), 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
Attachments: 1. R2025039, 2. CR-039-2025 Summary, 3. CR-039-2025 Transmittal
Contact: Ronald Halper, Office of Finance
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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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 Seven Million Five Hundred Thousand Dollars ($7,500,000), 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 $7,500,000 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, inclusive.

The fiscal impact on the County for any bonds will be neutral. Debt service is the sole responsibility of the Facility Applicant.

The Facility is a continuing care retirement community which provides two levels of care on its approximately 125-acre campus in Prince George's County, Maryland to approximately 461 residents. The Facility provides services to older adults through a combination of 330 independent living units, 41 assisted living beds and 36 memory care beds. The Facility is the sole continuing care retirement community owned and operated by Collington. Collington is an affiliate of The Kendal Corporation.

Bond proceeds will be utilized by the Facility Applicant to fund preliminary costs for the future improvements to the Existing Facility that the Facility Applicant intends to finance and refinance with the proceeds of the Bonds, include generally, costs related to the design, planning, architect, construction, engineering and permit related fees related to the construction of Additional Facilities under the 2017 Indenture, which are expected to include approximate...

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