ON PROPOSED

TAX-EXEMPT BOND FINANCING OF THE

VIRGINIA SMALL BUSINESS FINANCING AUTHORITY

Notice is hereby given that the Virginia Small Business Financing Authority (the “Authority”) will hold a public hearing on the application of Virginia Baptist Homes, Inc. (d/b/a LifeSpire of Virginia), a Virginia nonstock corporation (the “Borrower”), whose address is 3961 Stillman Parkway, Glen Allen, Virginia 23060, requesting the Authority to issue, pursuant to the Virginia Small Business Financing Act, Article 7, Chapter 22, Title 2.2, Code of Virginia of 1950, as amended (the “Act”), up to $38,000,000 of the Authority’s tax-exempt bonds (the “Bonds”), in one or more series from time to time.  The Bonds are expected to be issued as qualified 501(c)(3) bonds as defined in Section 145 of the Internal Revenue Code of 1986, as amended.  The Borrower and its affiliated organizations operate five senior living communities in Virginia.

The Authority will loan the proceeds of the Bonds to the Borrower:

(1)To refund of all or a portion of the outstanding principal amount of the Industrial Development Authority of Botetourt County, Virginia’s Residential Care Facility Revenue Refunding Bonds (The Glebe, Inc.), Series 2014A and Residential Care Facility Revenue Refunding Bonds (The Glebe, Inc.), Series 2014B (Adjustable Rate Bonds) (collectively, the “Series 2014 Bonds”), the proceeds of which were loaned to the Borrower to

(A) refund the outstanding principal amount of the Authority’s Residential Care Facility Revenue Refunding Bonds (The Glebe, Inc.) Series 2012A and the Residential Care Facility Subordinated Taxable Bonds (The Glebe, Inc.) Series 2012B (collectively, the “Series 2012 Bonds”), the proceeds of which were loaned to the Borrower to for the purpose of restructuring certain indebtedness that financed the acquisition, construction, equipping and furnishing of an approximately 350,000 square foot facility and related single family cottages for the residence and care of the aged, situated on an approximately 65-acre site located adjacent to 250 Glebe Road in Botetourt County, Virginia, including 133 independent living apartments, 20 single family cottages, a 32-bed private room nursing home and a 32-unit assisted living facility and community center space,

(B) fund a debt service reserve fund, and

(C) finance costs of issuance incurred in connection with the refunding of the Series 2012 Bonds and the issuance of the Series 2014 Bonds.

(2) To finance, if and as needed, amounts required for reserves, working capital, capitalized interest, costs of issuance and other financing expenses related to the issuance of the Bonds (collectively (1) through (2), the “Plan of Finance”).

The public hearing, which may be continued or adjourned, will be held at 12:00 o’clock p.m. on Tuesday, August 13, 2024, before the Authority or its designee, at 101 N. 14th Street, 11th Floor, Richmond, Virginia 23219.

As required by the Act, the Bonds will not pledge the faith and credit or the taxing power of the Commonwealth of Virginia or any political subdivision thereof, including the Authority, and will be payable solely from revenues derived from the Borrower and pledged therefor.  Any person interested in the Plan of Finance, the issuance of the Bonds or the location or purpose of the projects to be financed or refinanced may appear and be heard.  A copy of the Borrower’s application materials may be inspected by contacting Angela Reese, during regular business hours.

VIRGINIA SMALL BUSINESS FINANCING AUTHORITY