Tuesday, February 03, 2015
______________________________________________________________________________
PUBLIC NOTICE OF TAX EQUITY AND FISCAL RESPONSIBILITY ACT HEARING
______________________________________________________________________________
The Illinois Finance Authority (the “IFA”) will hold a public hearing as required by Section
147(f) of the Internal Revenue Code of 1986, as amended, at 500 East Monroe, 11th Floor,
Springfield, Illinois 62701 on Friday, February 6, 2015 at 9:00 a.m.
This Notice is issued pursuant to the provisions of the Illinois Open Meetings Act, 5 ILCS 120/1
et seq., as supplemented and amended. Those wishing to provide public comment are invited to
do so, pursuant to the “Guidelines for Public Comment” prescribed by the IFA and posted at
www.il-fa.com. Please contact Tammy Harter, Administrative Assistant, at (217)782-5792 for
more information.
By Order of the Board of Directors,
CHRISTOPHER B. MEISTER
EXECUTIVE DIRECTOR
ILLINOIS FINANCE AUTHORITY
TEFRA HEARING
Friday, February 6, 2015
9:00 AM
AGENDA:
Not-To-Exceed
Amount
Summary of Projects
1.
2.
3.
4.
Beginning Farmer Bonds
(a) BFB Michael Tyler Kessler
ASPIRA Inc. of Illinois Project
Lifespace Communities, Inc.
Silver Cross Hospital and Medical Centers
$504,950.00
$9,000,000.00
$65,000,000.00
$315,000,000.00
Total
$389,504,950.00
All public hearings will be accessible to handicapped individuals in compliance with Executive Order #5 (1979) as
well as pertinent State and Federal laws upon notification of anticipated attendance. Handicapped persons planning
to attend any public hearing and needing special accommodations should contact Tammy Harter, either by writing to
Tammy Harter, Illinois Finance Authority, 500 East Monroe, 3rd Floor, Springfield, Illinois 62701 or by calling
(217)782-5792, TTY (800)526-0844.
Not-To-Exceed
Amount
Project Descriptions
1.
2.
3.
Beginning Farmer Bonds
(a) Michael Tyler Kessler - The Authority will consider issuing its Agricultural
Development Revenue Bond in an aggregated principal amount not to exceed
$504,950.00. Proceeds to be used by Michael Tyler Kessler for the purchase
of all or a portion of the cost of farmland reached by driving from the 4-way
stop at the intersection of IL Rt. 33 and Range Street in Oblong, IL. Travel
South 3 miles to 750th Ave, then go West 1.5 miles. The 60 acre tract is on
the South side of the road. Subject property is in Crawford County, Oblong
Township, Illinois. Interested members of the public may attend and
comment.
ASPIRA Inc. of Illinois Project - A public hearing will be held before the Executive
Director of the Illinois Finance Authority (the “Authority”), or his designee, regarding the
issuance by the Authority of its not to exceed $9,000,000 Revenue Bonds (ASPIRA Inc. of
Illinois Project), Series 2015 (the “Bonds”). Proceeds of the Bonds will be loaned to
ASPIRA Inc. of Illinois, an Illinois not-for-profit corporation and an organization described
in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Borrower”),
in order to (a) repay outstanding taxable indebtedness of the Borrower in the approximate
principal amount of $8,600,000 incurred for the purposes of paying the costs of the
construction, renovation and equipping of the Borrower’s premises at 3101 North Pulaski
Road, Chicago, Illinois, (b) pay all or a portion of the costs of various programmatic
equipment, including, without limitation, information technology equipment, to be located
at the Borrower’s facilities at (i) 3909 West Fullerton Avenue, Chicago, Illinois
(Community Services), (ii) 3729 West Leland Avenue, Chicago, Illinois (Charter Middle
School), (iii) 3121 North Pulaski Road, Chicago, Illinois (Alternative High School), (iv)
3986 West Barry Avenue, Chicago, Illinois (Charter High School), (v) 2989 North
Milwaukee Avenue, Chicago, Illinois (New Charter High School) and (vi) 2415 North
Milwaukee Avenue, Chicago, Illinois (Administrative Offices) and (c) pay costs of
issuance of the Bonds, all as permitted by the Illinois Finance Authority Act.
Interested members of the public may attend and comment.
Lifespace Communities, Inc. - A public hearing will be held before the Executive
Director of the Illinois Finance Authority (the “Authority”), or his designee, regarding a
plan to issue not to exceed $65,000,000 aggregate principal amount of the Authority’s
Revenue Bonds (Lifespace Communities, Inc.), in one or more series (the “Bonds”). The
proceeds of the Bonds will be loaned to Lifespace Communities, Inc., an Iowa nonprofit
corporation (the “Borrower”), and will be used to pay the costs of financing or refinancing
the acquisition, construction, improvement, renovation and equipping of certain life care
retirement communities of the Borrower, known as Beacon Hill, Claridge Court, Abbey
Delray South, Harbour’s Edge and Friendship Village of South Hills, as further described
below.
The initial owner, operator or manager of the facilities being financed or refinanced with
the proceeds of the Bonds is the Borrower. A general functional description and the
location of each such facility to be financed or refinanced with the proceeds of the Bonds
are listed below.
1.
Beacon Hill life care retirement community, located at 2400 S. Finley Road,
Lombard, Illinois 60148, and consisting of approximately 389 independent living units and
189 skilled nursing beds. The Beacon Hill Project will include (i) remodeling, renovating,
improving and equipping said facility in the approximate amount of $19,300,000, and (ii)
refinancing the Authority’s Revenue Refunding Bonds, Series 1999A (Beacon Hill),
outstanding in the approximate amount of $3,600,000, which were issued for the purpose
of refinancing the Authority’s Revenue Bonds, Series 1989A (Beacon Hill – Phase III
Project), which were issued for the purpose of developing, constructing and equipping said
facility.
2.
Claridge Court life care retirement community, located at 8101 Mission Road,
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$504,950.00
$9,000,000.00
$65,000,000.00
Prairie Village, Kansas 66208, and consisting of approximately 135 independent living
apartments and a 35-bed health center. The Claridge Court Project included remodeling,
renovating, improving and equipping said facility in the approximate amount of
$1,000,000, and was initially financed by the Kansas Development Finance Authority,
Revenue Bond (Lifespace Communities, Inc.), Series 2013 (the “Series 2013 Bond”) and
equity contributed by the Borrower. The Series 2013 Bond, outstanding in the approximate
aggregate principal amount of $28,900,000, is expected to be refinanced by the Bonds.
3.
Abbey Delray South life care retirement community, located at 1717 Homewood
Boulevard, Delray Beach, Florida 33445, and consisting of approximately 28 villas, 324
independent living apartments, 14 assisted living units and 100 skilled nursing beds. The
Abbey Delray South Project included remodeling, renovating, improving and equipping
said facility in the approximate amount of $18,600,000, and was initially financed by the
Series 2013 Bond and equity contributed by the Borrower. The Series 2013 Bond,
outstanding in the approximate aggregate principal amount of $28,900,000, is expected to
be refinanced by the Bonds.
4.
Harbour’s Edge life care retirement community, located at 401 E. Linton
Boulevard, Delray Beach, Florida, 33483, and consisting of approximately 267
independent living apartments and 54 skilled nursing beds. The Harbour’s Edge Project
included remodeling, renovating, improving and equipping said facility in the approximate
amount of $20,100,000, and was initially financed by the Series 2013 Bond and equity
contributed by the Borrower. The Series 2013 Bond, outstanding in the approximate
aggregate principal amount of $28,900,000, is expected to be refinanced by the Bonds.
4.
5.
Friendship Village of South Hills life care retirement community, located at 1290
Boyce Road, Upper St. Clair, Pennsylvania 15241, and consisting of approximately 282
independent living apartments, 20 Carriage Homes and 89 skilled nursing beds. The
Friendship Village of South Hills Projects included (i) remodeling, renovating, improving
and equipping said facility in the approximate amount of $10,000,000, initially financed by
the Series 2013 Bond and equity contributed by the Borrower, and (ii) remodeling,
renovating, improving and equipping said facility, initially financed by the Chartiers Valley
Industrial & Commercial Development Authority (Pennsylvania), Revenue Refunding
Bonds, Series 1996 (Friendship Village of South Hills), and subsequently refinanced by the
Chartiers Valley Industrial & Commercial Development Authority (Pennsylvania),
Revenue Refunding Bonds, Series 2003A (Friendship Village of South Hills) (the “Series
2003A Bonds”). The Series 2013 Bond, outstanding in the approximate aggregate
principal amount of $28,900,000, and the Series 2003A Bonds, outstanding in the
approximate aggregate principal amount of $4,700,000, are expected to be refinanced by
the Bonds.
Interested members of the public may attend and comment
Silver Cross Hospital and Medical Centers - A public hearing will be held before the
Executive Director of the Illinois Finance Authority (the “Authority”), or his designee,
regarding a plan of finance to issue not to exceed $315,000,000 in aggregate principal
amount of Revenue Refunding Bonds, Series 2015 (Silver Cross Hospital and Medical
Centers) of the Authority, in one or more series (the “Bonds”). The proceeds of the Bonds
will be loaned to Silver Cross Hospital and Medical Centers (the “Hospital”) and/or Silver
Cross Health System (the “System” and, together with the Hospital, the “Borrowers”), each
an Illinois not for profit corporation, and will be used, together with certain other funds, to
(i) refund all or a portion of the outstanding principal amount of the Illinois Finance
Authority Revenue Bonds, Series 2009 (Silver Cross Hospital and Medical Centers) (the
“Prior Bonds”), currently outstanding in the principal amount of $259,725,000, (ii) fund a
debt service reserve fund, if deemed necessary or advisable by the Borrowers or the
Authority; (iii) provide working capital to one or both of the Borrowers, if deemed
necessary or advisable by the Borrowers or the Authority; (iv) pay a portion of the interest
on the Bonds, if deemed necessary or advisable by the Borrowers or the Authority, and (v)
pay certain expenses incurred in connection with the issuance of the Bonds and the
refunding of the Prior Bonds.
The proceeds of the Prior Bonds were used, together with certain other amounts available
Page 3
$315,000,000.00
to the Hospital, to (i) pay or reimburse the Hospital for the payment of a portion of the
costs of acquiring, constructing and equipping an approximately 553,867 square foot
replacement acute care hospital and related facilities, (ii) fund a debt service reserve fund,
(iii) pay a portion of the interest on the Prior Bonds, and (iv) pay certain expenses incurred
in connection with the issuance of the Prior Bonds.
The owners, operators or managers of the facilities being refinanced with the proceeds of
the Bonds are the Borrowers. The location of the facilities to be refinanced with the
proceeds of the Bonds are listed below.
(1)
the Borrowers’ main hospital campus at 1900 Silver Cross Boulevard in
New Lenox, Illinois;
(2)
the Borrowers’ various facilities located at 1141 Maple Road, 1051
Essington Road, 601 Walnut Street, and various locations on the east and west sides of
Fairbanks Street and Hebbard Street between Eagle Street and Lambert Street, all in Joliet,
Illinois; and
(3)
the Borrowers’ various facilities located at 1200 Maple Road, 1314
Maple Road, 1301 Copperfield Avenue, 1302 Copperfield Avenue, 1306/1308 Copperfield
Avenue, 1312 Copperfield Avenue, 1314 Copperfield Avenue, 1318 Copperfield Avenue,
1320 Copperfield Avenue, 1311 Eagle Street, 1313 Eagle Street, 1315 Eagle Street, 1317
Eagle Street, 1351 Eagle Street, 1353 Eagle Street, 1355 Eagle Street, 1357 Eagle Street,
1359 Eagle Street, 1361 Eagle Street, 514 High Street, 516 High Street, 517 High Street,
519 High Street, 520 High Street, 521 High Street, 522 and 522 1/2 High Street, 526 High
Street, 540 Squirrel Street, 517 Fairbanks Street and 1309 Lambert Avenue, all in Joliet,
Illinois.
Interested members of the public may attend and comment.
Total:
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$389,504,950.00