5:34 p.m. TEFRA Public Hearing for consideration of authorizing the issuance by the Palm Beach County Health Facilities Authority of not-to-exceed $55,000,000 in Retirement Communities Revenue Bonds, on behalf of ACTS Retirement-Life Communities, Inc., or one of its affiliates.

Recommendation:  That the Board take the following action concerning the issuance by the Palm Beach County Health Facilities Authority (the “Issuer”) of not-to-exceed $55,000,000 in Retirement Communities Revenue Bonds (the “Bonds”), on behalf of ACTS Retirement-Life Communities, Inc., a Pennsylvania nonprofit corporation (or one of its affiliates, the “Borrower”) to pay the costs of (i) the current refunding, refinancing and/or restructuring of all or a portion of a certain revolving line of credit issued by Bank of America, N.A., to the Borrower; (ii) financing or refinancing (including through reimbursement) the costs of the acquisition, construction, equipping and improvement of existing and additional facilities at four properties of the Borrower located within the State of Florida, including Azalea Trace, a property located in Escambia County (the "County") (the "Azalea Trace Property"), (iii) the funding of any reserve funds, (iv) the funding of any capitalized interest, and (v) the financing of some or all of the costs of issuance (collectively, the "Project"):

A. Conduct the Tax Equity and Fiscal Responsibility Act (TEFRA) Public Hearing; and

B. Adopt and authorize the Chairman, following the TEFRA Public Hearing, to execute the Resolution approving the issuance of the Bonds upon the terms established therein and to execute the Interlocal Agreement approved in accordance therewith.

The Bonds will not be issued by the County nor obligate the credit of the County or pose any obligation or liability for the County.

The Azalea Trace Property is located at 10100 Hillview Drive, Pensacola, FL 32514-5759 and includes the following existing facilities:  320 independent living units, central facilities, 50 assisted living units and an 82-bed medical care facility.  The Project includes making miscellaneous capital improvements and renovations and the acquisition of capital equipment, including, but not limited to, renovations and upgrades to residential living units, health care facilities and common areas, the acquisition of new plant equipment, and other facility enhancements, including specifically the renovation and expansion of the assisted living and skilled nursing facility and exterior enhancements including a welcome house and loop road (collectively, the "Azalea Trace Project"). 

Currently Azalea Trace employs 276 people and with the completion of the Azalea Trace Project, additional employment opportunities will be created for up to eight people. The Azalea Trace Project includes utilizing contract labor consisting of a work force which will vary from 20 -50 people during the construction period.

The Bonds do not constitute the debt or indebtedness of the County within the meaning of any provision or limitation of the statutes or Constitution of the State of Florida, and shall not constitute or give rise to a pecuniary liability of the County, or a charge against its general credit or taxing powers.