The Capital Trust Agency (the “CTA”) has been requested by Antares of Ormond Beach LLC, a Florida limited liability company (the “Borrower”), to issue its Senior Living Revenue Bonds (Antares of Ormond Beach Project), in an aggregate principal amount not exceeding $35,000,000, in one or more series or subseries (the “Bonds”).
For the purposes of Section 147(f) of the Internal Revenue Code, as amended (the “Code”), notice is hereby given that the County Council (the “Council”) of the Volusia County, Florida (the “County”), will hold a public hearing in the County Council Chambers in the County Administration Building at 123 W. Indiana Avenue, DeLand, Florida 32720, on May 21, 2019, at 10:20 a.m.
The public hearing will be held by the Council for the purpose of receiving comments and hearing discussion concerning the proposed issuance of the Bonds by the CTA to provide funds to be loaned by the CTA to the Borrower for the purpose of financing (i) the acquisition, construction, installation and equipping of a senior living facility known as Antares of Ormond Beach, located on approximately 6.85 acres at 720 West Granada Boulevard, Ormond Beach, Volusia County, Florida, including land, buildings containing approximately 118,725 square feet, and equipment, and consisting of approximately 124 senior living units (including approximately 87 assisted living units and 37 memory care units), together with the acquisition and installation of related facilities, fixtures, furnishings and equipment (collectively, the “Senior Living Facility”), (ii) funding capitalized interest on the Bonds, if deemed necessary or desirable; (iii) funding one or more reserve funds for the Bonds, if deemed necessary or desirable; and (iv) paying certain costs of issuing the Bonds (collectively, the “Project”).
The initial manager of the Senior Living Facility will be SRI Management, LLC, a Florida limited liability company, or an affiliate thereof or another entity chosen by the Borrower.
Subsequent to the public hearing, the Council will consider whether or not to approve the issuance of the Bonds by the CTA solely for purposes of Section 147(f) of the Code.
The County will not issue the Bonds or be obligated in any manner with respect to the Bonds. The Bonds, when issued, will be special, limited obligations of the CTA payable solely from the revenues, income and receipts pledged to the payment thereof, and the CTA will not be obligated to pay the principal of, premium, if any, or interest on the Bonds except from the loan payments of the Borrower and any other amounts received from the Borrower. The Bonds will not constitute: (i) a debt, liability or obligation of the CTA, the County, the State of Florida (the “State”), or any political subdivision, public agency or municipality thereof, (ii) a pledge of the full faith and credit of the CTA, the County, the State, or any political subdivision, public agency or municipality thereof, or (iii) a pledge of the taxing power of the County, the State, or any political subdivision, public agency or municipality thereof within the meaning of any constitutional or statutory provision. The CTA has no taxing power.
The public hearing will be conducted in a manner that provides a reasonable opportunity to be heard for persons with differing views on the issuance of the Bonds and the location and nature of the Project. At the time and place fixed for said public hearing, all who appear will be given an opportunity to express their views with respect to the location and nature of the proposed Project and the proposal to approve the issuance by the CTA of the Bonds as described herein. Prior to said public hearing, written comments (not exceeding 250 words) may be delivered to the County Manager located at the County Administrative Building at the address described above, and further information relating to this matter is available for inspection and copying during regular business hours, at the County Manager’s office located at the County Administrative Building at the address described above. All interested persons are invited to present their comments at the time and place set forth above.
In accordance with the requirements of Title II of the Americans with Disabilities Act of 1990 ("ADA"), the County of Volusia (“County”) will not discriminate against qualified individuals with disabilities on the basis of disability in its services, programs, or activities. Anyone who requires an auxiliary aid or service for effective communication, or a modification of policies or procedures to participate in a program, service, or activity of County, should contact the office of the County’s ADA Title II Coordinator, Mr. George Baker, at (386) 248-1760 as soon as possible but no later than two business days before the scheduled event or meeting. This paragraph shall likewise apply to written requests by a physically handicapped person needing a special accommodation to attend a public meeting in accordance with section 286.26, Florida Statutes.
Comments made at the hearing are for the consideration of the Council and will not bind any legal action to be taken by the Council in connection with the consideration and approval of the financing and the issuance of the Bonds by the CTA. IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE COUNCIL WITH RESPECT TO ANY MATTER CONSIDERED AT SUCH HEARING, SUCH PERSON WILL NEED A RECORD OF THE PROCEEDINGS AND, FOR SUCH PURPOSE, SUCH PERSON MAY NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDINGS IS MADE, WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED.
VOLUSIA COUNTY, FLORIDA
BY: George Recktenwald