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 $215,000,000 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 finance and refinance the costs of designing, developing, constructing and equipping approximately 33 independent living units in a “hybrid home” independent living development comprised of approximately three, three-story apartment structures (built on top of a related parking structure), and related parking structures and amenities, all located on the campus of the Lakewood Retirement Community, which is located in and around 1900 Lauderdale Drive, Henrico, Virginia 23238.  The maximum amount of Bonds expected to be issued for this component of the financing is $45,000,000.

(2) To finance and refinance the costs of designing, developing, constructing and equipping (i) approximately 33 independent living units in a “hybrid home” independent living development and related structures comprised of approximately three, three-story structures, located on the campus of a senior living community called the Chesapeake, which is located in and around 955 Harpersville Road, Newport News, Virginia 23601, (ii) roof and HVAC replacement and renovation at existing structures on the Chesapeake campus, and (iii) other renovations and reconstruction within the existing structures on the Chesapeake campus .  The maximum amount of Bonds expected to be issued for this component of the financing is $50,000,000.

(3)To finance and refinance the costs of designing, developing, constructing and equipping (i) approximately 18 independent living units in a cottage-style independent living development comprised of approximately 18, up to 3-story structures and related parking and amenities located on the campus of a senior living community called The Glebe, which is located in and around 200 The Glebe Boulevard, Daleville, Virginia 24083 (which is in Botetourt County), and (ii) an expansion of one or more existing structures on The Glebe’s campus to expand and improve the dining and community facilities.  The maximum amount of Bonds expected to be issued for this component of the financing is $30,000,000.

(4)To finance and refinance the costs of designing, developing, constructing and equipping (i) approximately 40 independent living units in both a cottage-style and “hybrid home” independent living developments and 20 memory care units comprised of approximately 22, up to three-story structures located on the campus of a senior living community called The Summit, which is located in and around 1400 Enterprise Drive, Lynchburg, Virginia 24502, and (ii) the renovation and expansion of one or more existing structures for the purpose of expanding and improving the dining, fitness and community facilities of The Summit.  The maximum amount of Bonds expected to be issued for this component of the financing is $90,000,000.

(5)To finance, if and as needed, other capital projects at the facilities listed above, 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 (5), 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, November 14, 2023, 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