SUBJECT
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Resolution granting host approval for the issuance by the Orange County Health Facilities Authority of its not to exceed $95,000,000 principal amount revenue bond (Presbyterian Retirement Communities Obligate Group Project), Series 2024 for the benefit of the Presbyterian Retirement Communities Obligated Group and Florida Presbyterian Homes, Inc.
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DESCRIPTION
The Polk County Industrial Development Authority (the “Authority”) previously issued its Health Care Facilities Revenue Bond (Florida Presbyterian Homes Project), Series 2010A and its Health Care Facilities Revenue Bond (Florida Presbyterian Homes Project), Series 2015 (collectively, the “FPH Bonds”) to finance and refinance certain health care facilities at Florida Presbyterian Homes, Inc. (“FPH”) for its continuing care retirement community located at the following addresses in Lakeland, Florida: 16 Lake Hunter Drive, 909 South Lakeside Avenue, 824/826, 828/830 and 829 Lakeside Court, and 320 Cannon Street.
FPH intends to join the Obligated Group (the “PRC Obligated Group”) presently composed of Presbyterian Retirement Communities, Inc., Palm Shores Retirement Community, Inc., Suncoast Manor Retirement Community, Inc., Wesley Manor, Inc., Westminster Pines, Inc., Westminster Retirement Communities Foundation, Inc., Westminster Services, Inc. (“Westminster Services”), and Westminster Shores, Inc.; and Westminster Services presently manages the operation of the continuing care retirement community owned by FPH known as “Florida Presbyterian Homes”.
The Authority has recommended that the Board of County Commissioners (the “Board”) of Polk County, Florida (the “County”) grant host approval under Section 147(f)(2) of the Internal Revenue Code of 1986, as amended, (the “Code”) for the issuance by the Orange County Health Facilities Authority (the “Issuer”) of its Revenue Bonds (Presbyterian Retirement Communities Obligated Group Project), Series 2024, in one or more installments or series pursuant to a plan of financing in an aggregate principal amount not exceeding $95,000,000 (the “Bonds”) to refinance the FPH Bonds and the Issuer’s Revenue Bonds (Presbyterian Retirement Communities Project), Series 2014 as well as to finance (including reimbursement) additional capital improvements at the continuing care retirement communities owned and operated by the PRC Obligated Group outside the jurisdiction of the County, all pursuant to an existing interlocal agreement dated as of August 8, 2024 (the “Interlocal Agreement”) between the Issuer and the Authority.
RECOMMENDATION
Recommended Board adopt resolution approving the issuance by the Issuer of the Bonds in a principal amount not exceeding $95,000,000 in one or more installments or series pursuant to a plan of financing.
FISCAL IMPACT
None.
CONTACT INFORMATION
Randy Mink
County Attorney
863-534-7679