Notice is hereby given that the Bluffton Economic Development Commission (the “Commission”) will hold a public hearing on April 5, 2022, at 6:00 p.m. at the Bluffton City Hall, 128 East Market Street, Bluffton, Indiana 46714, Second Floor Common Council Chambers, regarding the proposed issuance by the City of Bluffton, Indiana (the “City”) of its Economic Development Revenue and Refunding Bonds, Series 2022 (Christian Care Retirement Community Project) in an aggregate principal amount not to exceed Eight Million Five Hundred Thousand Dollars ($8,500,000) (the “Bonds”).
The Bluffton Economic Development Commission (“Commission”) proposes to recommend to the Common Council (“Council”) of the City of Bluffton, Indiana (the “City”) that it loan the proceeds of certain economic development revenue and refunding bonds to Apostolic Christian Care, Inc. d/b/a Christian Care Retirement Community (the “Borrower”) for the purposes of (a) financing, refinancing, or reimbursing a portion of the costs of the construction, equipping, renovation and improvement of certain facilities and other assets of the Corporation including, but not limited to (i) the renovation, construction and equipping of one or more independent living duplex units, (ii) certain renovations and improvements to several assisted living apartments and the Corporation’s skilled nursing facility, (iii) together with general infrastructure improvements to provide for future development, and (iv) various other capital improvements or expenditures of the Corporation (collectively, the “2022 Project”); (b) refinancing a bank loan from First Bank of Berne dated August 2016, the proceeds of which were used to expand the Corporation’s skilled nursing and assisted living facilities (the “2016 Project”); (c) refinancing the City of Bluffton, Indiana Economic Development Revenue and Refunding Bonds, Series 2013 (Christian Care Retirement Community Project), the proceeds of which were used to (i) pay or reimburse the Borrower for costs of various capital improvements, including the addition of two new independent living duplex units, the renovation of the common areas of several Assisted Living apartments, and the renovation of its skilled nursing facility, (ii) refund or refinance various prior projects, and (iii) pay incidental expenses of issuance related thereto (the “2013 Project”); and (d) refinancing other existing debt of the Corporation used for other various capital improvements or expenditures related to the Corporation’s facilities and assets (the 2022 Project, the 2016 Project, the 2013 Project, and subsection (d), collectively, the “Projects”).
The total cost for the Projects is presently estimated to be in an amount of approximately Eight Million Five Hundred Thousand Dollars ($8,500,000), including incidental expenses of issuance, including but not limited to, the funding of a debt service reserve fund, if necessary, and capitalized interest, if necessary.
The Projects are or will be owned and used by the Borrower in the operations of its nursing home and retirement living facilities located at 720 E. Dustman Road, Bluffton, Indiana 46714. The 2013 Bonds were originally issued for the purpose of providing funds to (a) pay or reimburse the Borrower for costs of various capital improvements, including the addition of two new duplexes, the renovation of the common areas of several Assisted Living apartments, and the renovation of its skilled nursing facility, (b) refund or refinance various prior projects, and (c) pay incidental expenses of issuance.
The Bonds will be issued by the City, as issuer, pursuant to Indiana Code §§ 36-7-11.9 and 12, as supplemented and amended, and an ordinance proposed for adoption by the Common Council of the City (the “Council”). The Bonds will not be an indebtedness or general obligation of the City and will not be payable in any manner by the taxing power of the City. The Bonds and the interest payable thereon will be payable solely from the repayment of the loan by the Borrower and from certain other revenues and properties as described in the agreements concerning the financing of the economic development facilities (such agreements collectively the “Financing Documents”). Copies of the form of the Financing Documents are on file with the Clerk-Treasurer of the City and available for public inspection at the office of the Clerk-Treasurer of the City during regular business hours daily, except Saturdays, Sundays, and legal holidays.
The Commission will consider whether the acquisition, design, construction, and/or equipping of the Projects will have an adverse competitive effect on any similar facility already constructed or operating near or in the City. If the Commission shall find for itself and on behalf of the City, that the proposed financing will be of benefit to the health and welfare of the City and complies with the purposes and provisions of the Act, then the Commission will adopt a resolution approving the proposed financing and the form and terms of financing documents, including the Bonds, and shall transmit the resolution to the City Council for consideration together with the form of the proposed inducement resolution to be recommended to the City Council.
The public hearing will be held pursuant to Indiana Code § 36-7-11.9 and 12, each as supplemented and amended (collectively, the “Act”) and Section 147(f) of the Internal Revenue Code of 1986, as amended, on behalf of the City. The public is invited to comment on any of the matters herein noted, and all taxpayers, residents or interested parties who appear will be given a reasonable opportunity to express their views, both orally and in writing, on the Projects and other matters relating to the Bonds. Written comments also may be submitted to the Clerk-Treasurer of the City by delivering such comments to the Clerk-Treasurers office located at 128 East Market Street, Bluffton, Indiana 46714.
Notice dated March 16, 2022.
Bluffton Economic
Development Commission
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