NOTICE OF PUBLIC HEARING
Notice is hereby given that on Wednesday, September 13, 2023 at 4:30 p.m., prevailing local time, in the New River Gorge Regional Development Authority located in the conference room of the building commonly known as the Attar Center (or such other alternate location within the Attar Center as may be announced at such location as of 4:30 p.m. on said date), 200 Main Street, Beckley, WV 25801, at which time and place all parties in interest may appear before the New River Gorge Regional Development Authority (the “Authority”) and may be heard as to whether the following described Ordinance adopted by the Authority shall be put into effect.
Notice is further hereby given that on September 13, 2023, the Authority enacted an Ordinance authorizing and ordering the issuance of not more than $19,000,000 in aggregate principal amount of New River Gorge Regional Development Authority Lease Revenue Bonds (Klöckner Facility Project), Series 2023 (Taxable) (the “Bonds”) to finance all or a portion of the costs of the acquisition, construction, improvement, development, equipping, renovation, expansion and leasing of those certain lots, parcels or tracts of land, and one or more existing buildings (the “Existing Facility”) and other improvements thereon, including without limitation, any buildings, improvements, furnishings or equipment resulting from the Project, as hereinafter defined (the “Expansion Facility” and, together with the Existing Facility, the “Facility or the “Property”) for use by Klöckner Pentaplast of America, Inc. (“Klöckner”) as a plastics manufacturing facility (collectively, the “Project”). The Ordinance further provides for the leasing of the Property to the County Commission of Raleigh County (the “County”) by the Authority pursuant to a Lease Agreement between the Authority, as Lessor, and the County, as Lessee (the “Lease”). The Ordinance further provides for the subleasing of the Property by the County to Klöckner pursuant to a Sublease Agreement between the County, as Sublessor, and Klöckner, as Sublessee (the “Sublease” and, together with the Lease, the “Leases”).
The Bonds will be special obligations of the Authority payable solely from the revenues, rentals, and other monies received by the Authority pursuant to the Leases and any other permitted lease of the Property and other security held pursuant to an Indenture described below and will not constitute a debt or liability of the County (except as provided in the Lease) or the State of West Virginia.
The Ordinance further provides for an Indenture, Credit Line Deed of Trust, Security Agreement, Fixture Filing and Assignment of Rents and Leases (the “Indenture”) by and between the Commission and United Bank, Inc., as bond trustee (the “Bond Trustee”), P. Corey Bonasso and Thompson R. Pearcy, as deed of trust trustees (collectively, the “Deed of Trust Trustee”), and a Bond Placement Agreement to be entered into among the Authority and the Original Purchaser of the Bonds by which the Authority will assign to the Original Purchaser of the Bonds, the right to receive rental and other payments under the Leases or other leases permitted by the Indenture that will encumber the Property to secure the owner of the Bonds and the Authority will deliver the Bonds in return for the purchase price thereof to be used to pay all or a portion of the costs of the Project and costs of issuing the Bonds. Accordingly, the Property will initially be leased by the Authority to the County pursuant to the Lease.
A certified copy of the Ordinance is on file for review by interested persons during regular office hours in the office of the Clerk of The County Commission of Raleigh County, West Virginia, Raleigh County Courthouse, 116 1/2 N. Heber Street, Beckley, WV 25801, as well as at the offices of the Authority, 200 Main Street, Beckley, WV 25801.
Published at the direction of the New River Gorge Regional Development Authority, this 1st day of September, 2023 and this 8th day of September, 2023.
Secretary, New River Gorge
Regional Development Authority