December 3, 2024
NOTICE IS HEREBY GIVEN that the Lorain Port Authority (the "Port Authority") will hold a public hearing at 4:00 p.m., Eastern Time, on December 10, 2024, in the board room at 319 Black River Lane, Lorain, Ohio 44052, with respect to the proposed issuances by the Port Authority of multiple series of economic development revenue bonds as part of a plan of finance, issued separately in an aggregate principal amount not to exceed $20,000,000 (collectively, the "Bonds"), the proceeds of which will be made available to Saint Therese of Avon, LLC (the "Borrower"), an Ohio limited liability company, the sole member of which is Saint Therese Communities (the "Sole Member"), a Minnesota nonprofit corporation that has been determined by the Internal Revenue Service to be an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Code").
The proceeds of the Bonds will be made available to the Borrower and used to (A) currently refund a portion of the $25,000,000 2024 Bridge Loan, dated December 2, 2024, from Bremer Bank, National Association, to the Borrower, which financed the costs of acquiring a portion of a continuing care retirement community located at 35755 Detroit Road, Avon, Ohio 44011, which is legally owned by the Borrower (the "Project") and (B) pay the costs of issuing each series of Bonds (collectively, the "Plan of Finance") (collectively, the "Plan of Finance"). THE PROPOSED BONDS WILL NOT CONSTITUTE GENERAL OBLIGATIONS, DEBT, OR BONDED INDEBTEDNESS, OR A PLEDGE OF THE FAITH AND CREDIT, OF THE PORT AUTHORITY, THE STATE OF OHIO, OR ANY POLITICAL SUBDIVISION THEREOF OR REQUIRE THE USE OF THE GENERAL RESOURCES OF EITHER THE PORT AUTHORITY, THE STATE, OR ANY POLITICAL SUBDIVISION THEREOF FOR THEIR PAYMENT. RATHER, The payment of debt service on the Bonds will be paid from LOAN PAYMENTS made by the SOCIETY under a loan agreement between the Port Authority and the SOCIETY.
All interested persons are invited to attend such public hearing to express their views with respect to the Plan of Finance, the nature and location of the Project and the Bonds. Written comments concerning the foregoing may be submitted to the Lorain Port Authority, 319 Black River Lane, Lorain, Ohio 44052, Attn: Tiffany McClelland, on or before 4:00 p.m., Eastern Time, December 9th, 2024.
