NOTICE OF PUBLIC HEARING
TO RESIDENTS OF OHIO COUNTY, WEST VIRGINIA AND OTHER PERSONS INTERESTED – ISSUANCE OF COMMERCIAL DEVELOPMENT REVENUE BONDS FOR WELTY VILLAGE, LC BY THE COUNTY COMMISSION OF OHIO COUNTY
Notice is hereby given in accordance with Section 147 of the Internal Revenue Code of 1986, as amended and the Treasury Regulations promulgated with respect thereto (collectively the “Code”), that The County Commission of Ohio County, West Virginia (the “County Commission”), will hold a public hearing at 6:00 p.m., Eastern Time, on Tuesday, May 26, 2015, in the County Commission chambers, 1500 Chapline Street, 215 City County Building, Wheeling, WV 26003, regarding the proposed issuance by the County Commission of its commercial development revenue bonds in the principal amount of not more than seven million dollars ($7,000,000) (the “Bonds”). The proceeds of the Bonds will be loaned by the County Commission to Welty Village, LC (the “Borrower”) to finance a portion of the cost of the design, acquisition, construction and equipping of a townhome development for the elderly, referred to as “Welty Village.”
Welty Village will be located at 1287 National Road, Wheeling, Ohio County, West Virginia. It is planned to consist of 12 townhomes of approximately 2000 square feet each. Welty Village will be owned by the Borrower and leased to Welty Retirement Apartments, LC, which will in turn lease the townhomes to elderly individuals. The Clara Welty Testamentary Trust, a 501(c)(3) organization (the “Welty Trust”), is the sole member of both the Borrower and Welty Retirement Apartments, LC.
The proceeds of the Bonds will be used by the Borrower to finance a portion of the costs of:
(1) the design, acquisition, construction, and equipping of Welty Village;
(2) the reimbursement of costs to the Borrower or the Welty Trust for costs incurred prior to the issuance of the Bonds pursuant to the restrictions set forth in Treasury Regulation 1.150-2 of the Code; and
(3) the costs of issuance of the Bonds and other costs in connection with the Bonds, including capitalized interest and any reserves required for the Bonds.
The Bonds shall not constitute an indebtedness of the County Commission, but shall be special, limited obligations of the County Commission, payable solely from the property, revenues and moneys pledged therefor by the Borrower and guaranteed by the Welty Trust and by Weltrust, LC, of which the Welty Trust is also the sole member. Neither the Bonds nor the interest thereon, nor any charge in connection therewith, shall be a charge against the general credit or taxing powers of the County Commission or Ohio County, nor shall the same ever constitute an indebtedness of the County Commission or Ohio County within the meaning of any constitutional provision or statutory limitations.
At the public hearing, interested individuals may express their views, both orally and in writing, on the proposed issuance of the Bonds and the location and nature of Welty Village.
Int. May 11, 18, 2015