February 13, 2007

Board of Supervisors

Albemarle County, Virginia

401 McIntire Road

Charlottesville, Virginia 22902

Industrial Development Authority of Albemarle County, Virginia
Proposed Financing for Westminster-Canterbury of the Blue Ridge

Westminster-Canterbury of the Blue Ridge ("Borrower") has requested that the Industrial Development Authority of Albemarle County, Virginia ("Authority"), assist the Borrower{^} in (a) refinancing all or a portion of the Authority's $69,815,000 Residential Care Facility Mortgage Revenue Bonds, Series 2001A issued on October 12, 2001 to finance or refinance a variety of capital projects at the Borrower's continuing care retirement community ("Facility"), located at 250 Pantops Mountain Drive in Albemarle County, Virginia (b) financing additional capital improvements to the Facility, and (c) financing a debt service reserve fund and costs of issuance for the bonds by the issuance of its revenue bonds in the amount not to exceed $45,000,000 ("Bonds").

As set forth in the resolution of the Authority attached hereto ("Resolution"), the Authority has agreed to issue its Bonds as requested.  The Authority has conducted a public hearing on the proposed refinancing of the Project and has recommended that you approve the issuance of the Bonds as required by Section 147(f) of the Internal Revenue Code of 1986, as amended, and Section 15.2-4906 of the Code of Virginia of 1950, as amended.

Attached hereto is (1) a certificate evidencing the conduct of the public hearing and the action taken by the Authority, (2) the Fiscal Impact Statement required pursuant to Virginia Code Section l5.2-4907, and (3) the form of resolution suggested by counsel to evidence your approval.

View resolution
View fiscal impact statement
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